Azure Commissions 95-MW Gujarat Solar Plant 5 Months Before Schedule

The festive season has brought Azure power more reasons to celebrate . After announcing an early closing of a financing deal for its 200-MW solar park in Bhadla, Rajasthan and for 100-MW solar plant in Karnataka,the solar energy developer and producer Azure Power announced early commissioning of power plant in Gujarat. The 95 MW solar power plant was completed in record time for a ground mounted project, has been commissioned approximately 5 months ahead of the scheduled PPA operation date.

Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “With the early commissioning of this plant we have set a new record for the company on delivering projects ahead of schedule, once again demonstrating our strong project development, engineering, and execution capabilities. We are pleased to start selling lowest cost solar power in the state of Gujarat, approximately 23% cheaper than the recent average pooling price of power in the state, thus contributing towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation. Our sincere gratitude to GUVNL and the state of Gujarat for all the cooperation and support extended.”

Some of the first solar projects in India were built in Gujarat given several advantages the state has including high levels of solar radiation, an extensive and stable electric grid network, and the strong credit quality of its DISCOM, GUVNL.

Agreement with NTPC

Last week , Azure Power announced signing a Letter of Award (LoA) with NTPC for a 300 MW solar power project. Azure won the project in an NTPC auction . Azure will provide power from the project at a tariff of Rs 2.59 per unit for 25 years and is expected to be commissioned in 2021. The company is yet to decide on a location for the project. Under the terms, the 300 MW project can be set up anywhere in India.  Insolation in India is not very location-specific which means Azure can play in different states to get the best deals on local taxes, land rental and grid connections.

CDPQ Infuses another $100 million in Azure

Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) invested an additional $100 million in Azure power while raising its stake to 40% in the Renewable energy firm. CDPQ has been building a strong presence in the Indian market and said in a statement that it has so far invested close to $240Million in Azure since 2016.

The initial investment of $75 million, which was CDPQ’s first India deal, was made just before Azure Power listed on the New York Stock Exchange. Azure is the only Indian independent power producer to be listed on the NYSE.

The company currently has a portfolio of solar projects with 3 GW capacity across India. This includes both commissioned and under-construction projects.