Azure Power Wins Largest Solar Power Project (75 MWs) in Northeast India
June 07 2018 - 6:15AM
Business Wire
- Azure Power wins 75 MWs, highest
allocation out of a 100 MW tender, in Assam
Azure Power (NYSE: AZRE), one of India’s leading independent
solar power producers, announced that it has won the largest (75
MWs) solar power project in the North Eastern region of India.
Azure Power will sign a 25 year Power Purchase Agreement (PPA) with
Assam Power Distribution Company Limited (APDCL) at a weighted
average tariff of INR 3.37 (~US cents 5.2) per kWh. The project
will be developed by Azure Power outside a solar park and is
expected to be commissioned in 2019.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180607005376/en/
Azure Power Solar Plant (Photo: Business
Wire)
Assam has seen a significant increase in power demand in recent
years and has a shortage of electricity capacity. The state has a
peak power deficit of 4.2% and energy demand growth was 9% during
the year ending March 2018. APDCL currently serves a quickly
growing consumer base of more than 3.3 million.
Speaking on this occasion, Inderpreet Wadhwa, Founder,
Chairman and Chief Executive Officer, Azure Power said, “We are
pleased to announce our win in Assam and with this, we continue to
demonstrate our strong project development, engineering, and
execution capabilities. We are delighted to make this contribution
towards the realization of our Hon’ble Prime Minister’s commitment
towards clean and green energy, through solar power
generation.”
Azure Power has been among the most active participants in solar
power auctions since the beginning of the solar power market in
India and the majority of the Company’s portfolio are with
customers that have some of the best credit ratings in India, most
of which are backed by the Government of India.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-Indian portfolio over 2 gigawatts. With its
in-house engineering, procurement and construction expertise and
advanced in-house 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. In the press release, portfolio and the
project represents megawatts capacity of solar power plants
pursuant to PPAs, signed or allotted or where the Company has been
cleared as one of the winning bidders or won a reverse auction but
has yet to receive a letter of allotment. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180607005376/en/
Azure PowerInvestor ContactNathan Judge,
CFAir@azurepower.comInvestor Relations, Azure PowerorMedia
ContactSamitla Subbapr@azurepower.com+91-11- 4940
9854Marketing, Azure Power
Azure Power Global (NYSE:AZRE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Azure Power Global (NYSE:AZRE)
Historical Stock Chart
From Oct 2023 to Oct 2024