Azure Power Wins 300 MW Solar Power Project with AAA Rated NTPC
October 31 2018 - 4:30PM
Business Wire
- 86% of Azure Power’s 2 GW+
contracted pipeline is with counterparties that have A to AAA
domestic debt ratings
- Over 1 GW of the contracted pipeline
are with sovereign counterparties
Azure Power (NYSE: AZRE), one of India’s leading independent
solar power producers, announced that it has signed a letter of
award (LOA) for a 300 MW Interstate Transmission System (ISTS)
grid connected solar PV project won in an auction conducted by NTPC
Limited, which has a domestic AAA debt rating and is the Government
of India’s largest power utility. Azure Power will provide power to
NTPC at a tariff of INR 2.59 (~US 3.6 cents) per kWh for 25 years.
The solar PV project can be located anywhere in India, which will
likely be outside a solar park, and is expected to be completed in
early 2021. With this win, 86% of the company’s 2 GW+ contracted
pipeline is with counterparties that have A to AAA domestic debt
ratings and over 1 GW of the pipeline is with sovereign
counterparties.
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the full release here:
https://www.businesswire.com/news/home/20181031005656/en/
Azure Power Solar Power Plant (Photo:
Business Wire)
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder,
Chairman and Chief Executive Officer, Azure Power said, “Our
long history of superior solar power operations with NTPC from the
inception of National Solar Mission has contributed to our success
of winning this 300 MW project with NTPC. We are delighted to make
a contribution towards the 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 of over 3 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/20181031005656/en/
Investor ContactNathan Judge,
CFAir@azurepower.comInvestor Relations, Azure PowerorMedia
ContactSamitla Subbapr@azurepower.com+91-11- 4940
9854Marketing, Azure Power
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