Azure Power Wins 160 MW Solar Power Project with the Highest Tariff in Uttar Pradesh Auction
July 11 2018 - 8:19AM
Business Wire
- Tariff of INR 3.55 (~US 5.2 cents)
per kWh is ~45% higher than the lowest tariff bid for a solar
project in India
- With this win, Azure Power’s solar
portfolio will be 260 MWs in the state of Uttar Pradesh, the most
populous state in India
Azure Power (NYSE: AZRE), a leading independent solar power
producer in India, announced it has won a 160 MW solar power
project in Uttar Pradesh at the highest tariff in a recent auction
conducted by the Uttar Pradesh New & Renewable Energy
Development Agency (UPNEDA). Azure Power will sign a 25-year power
purchase agreement with Uttar Pradesh Power Corporation Limited
(UPPCL) which has a domestic debt rating of A+ by CRISIL, a S&P
company, at a tariff of INR 3.55 (~US 5.2 cents) per kWh, ~45%
higher than the lowest tariff bid for a solar project in India. The
project is expected to be commissioned in 2019 and developed
outside a solar park.
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the full release here:
https://www.businesswire.com/news/home/20180711005441/en/
Azure Power Solar Project (Photo:
Business Wire)
With this win Azure Power’s solar portfolio will be 260 MWs in
Uttar Pradesh which is the most populous state in India and has a
large peak energy supply deficit, according to the Central
Electricity Authority. Azure Power is one the largest solar
developers in Uttar Pradesh and built the first utility scale solar
project in Uttar Pradesh in 2015.
Speaking on this occasion, Inderpreet Wadhwa, Founder,
Chairman and Chief Executive Officer, Azure Power said, “We are
pleased to announce our win in Uttar Pradesh, and with this we have
once again demonstrated our strong project development,
engineering, and execution capabilities. We 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 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. 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 SEC from
time to time. In the press release, megawatts portfolio represents
the aggregate megawatt 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 reverse auction, but yet to
receive 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180711005441/en/
Azure PowerInvestor ContactNathan Judge,
CFAir@azurepower.comInvestor Relations, Azure PowerorMedia
ContactSamitla Subbapr@azurepower.com+91-11- 4940
9854Marketing, Azure Power
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