In the news release, Azure Power Puts Over 500 MWs of Solar
Power Projects Into Operations in FY19, issued 22-Mar-2019 by Azure Power over PR Newswire, the
subhead is missing source company's name as incorrectly transmitted
by PR Newswire. The complete, corrected release follows:
Azure Power Puts Over 500 MWs of Solar Power Projects Into
Operations in FY19 - Azure Power's total operational portfolio now
over 1,400 MWs, one of the largest for a solar company in
India - Commissioned over 250 MWs
during the current quarter, among the highest installations by a
company in this period - Utility-scale projects commissioned ahead
of schedule - Azure Power's operational capacity in Gujarat now
over 270 MWs, largest in the state by a single company
NEW DELHI, March 22, 2019 /PRNewswire/ -- Azure Power, a
leading solar power producer in India, announced it has commissioned a
cumulative capacity of over 500 MWs since last fiscal year,
bringing the company's total operational portfolio to over 1,400
MWs, one of the largest solar portfolios in India. Over the past three months, Azure Power
has commissioned over 250 MWs, among the highest installations by a
company in this period. All utility-scale projects commissioned
since the past fiscal year were commissioned ahead of schedule.
Recent commissioning of projects include the final phase of a
260 MW solar project in Gujarat and a 100 MW solar project in
Karnataka. With the commissioning of these projects, Azure Power's
operational capacity in Gujarat is now over 270 MWs, largest in the
state.
The 260 MW project was won in an auction conducted by Gujarat
Urja Vikas Nigam Ltd (GUVNL), rated AA- by ICRA, a Moody's company,
and has been developed outside a solar park. Azure Power will
provide power to GUVNL for 25 years at a tariff of INR 2.67 (~US
3.9 cents) per kWh, which is 8.6%
higher than the lowest bid in the market.
The 100 MW project was won in an auction conducted by Karnataka
Renewable Energy Development Ltd. and has been set up at Pavagada
Solar Park, one of the largest solar parks in the world. The solar
park is being developed by Karnataka Solar Power Development
Corporation Limited (KSPCL). Azure Power will supply power to the
electricity supply companies of Karnataka (ESCOMs) for 25 years at
a tariff of INR 2.93 (~US 4.6 cents)
per kWh, which is 20.1% higher than the lowest bid in the
market.
Earlier this fiscal year, Azure Power had commissioned a 40 MW
project in Uttar Pradesh and a 50 MW project in Andhra Pradesh and
over 60 MWs of solar rooftop projects.
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief
Executive Officer, Azure Power, said, "We are pleased to have
commissioned over 250 MWs during the current quarter. Our ability
to complete projects ahead of schedule and at scale is a testament
to our efficiency and reliability as a trusted solar power
producer. We continue to demonstrate our strong project
development, engineering, and execution capabilities and are
delighted to make this contribution towards realization of our
Hon'ble Prime Minister's commitment towards clean and green energy,
through solar power generation."
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-Indian portfolio over 3 gigawatts. With its
in-house engineering, procurement and construction expertise and
advanced inhouse operations and maintenance capability, Azure Power
provides low-cost and reliable solar power solutions to customers
throughout India. It has
developed, constructed and operated solar projects of varying
sizes, from utility scale, rooftop to mini & micro grids, since
its inception in 2008. Highlights include the construction of
India's first private utility
scale solar PV power plant in 2009 and the implementation of the
first MW scale rooftop project under the smart city initiative in
2013.
For more information, visit: www.azurepower.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended and the Private Securities Litigation Reform Act of
1995, including statements regarding the Company's future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. The risks and uncertainties that could cause the
Company's results to differ materially from those expressed or
implied by such forward-looking statements include: the
availability of additional financing on acceptable terms; changes
in the commercial and retail prices of traditional utility
generated electricity; changes in tariffs at which long term PPAs
are entered into; changes in policies and regulations including net
metering and interconnection limits or caps; the availability of
rebates, tax credits and other incentives; the availability of
solar panels and other raw materials; its limited operating
history, particularly as a new public company; its ability to
attract and retain its relationships with third parties, including
its solar partners; its ability to meet the covenants in its debt
facilities; meteorological conditions and such other risks
identified in the registration statements and reports that the
Company has filed with the U.S. Securities and Exchange Commission,
or SEC, from time to time. All forward-looking statements in this
press release are based on information available to us as of the
date hereof, and the Company assumes no obligation to update these
forward-looking statements.
Investor Contact
Nathan Judge, CFA
ir@azurepower.com
Investor Relations, Azure Power
Media Contact
Samitla Subba
pr@azurepower.com
+91-11- 4940 9854
Marketing, Azure Power
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SOURCE Azure Power