Azure Power Announces Early Commissioning of 95 MW Project in Gujarat
November 05 2018 - 6:30AM
Business Wire
- Azure Power has a long history of
over 7 years of developing and operating solar power plants in
Gujarat
- Local development expertise led to
early part commissioning of 260 MW project, 5 months ahead of PPA
operation date
- Azure Power won more than 50%
capacity in a 500 MW auction in September 2017 with GUVNL, a AA-
domestic debt rated entity
Azure Power (NYSE: AZRE), one of India’s leading independent
solar power producers, announced the early commissioning of a 95 MW
solar power plant in Gujarat which was completed in record time for
a ground mount project built by the company and has been
commissioned approximately 5 months ahead of the scheduled PPA
operation date. This section is the first phase of a 260 MW
allocation by Gujarat Urja Vikas Nigam Ltd (GUVNL) to Azure Power
and was developed outside a solar park. Azure Power will provide
power for 25 years at a tariff of INR 2.67 (~US 3.9 cents) per kWh
to GUVNL which has a strong offtake credit and has been rated AA-
by ICRA, a Moody’s company.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20181105005351/en/
Azure Power Solar Power Plant (Photo:
Business Wire)
Azure Power has a long history of developing and operating solar
power plants under the Gujarat Solar Policy 2009. 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. Azure Power developed and is
operating India’s first MW-scale distributed solar rooftop project
in Gujarat’s state capital city, Gandhinagar. In 2013, World Bank
recognized this project as one of the Top 10 public-private
partnerships in the Asia Pacific region.
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.”
About Azure PowerAzure 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/20181105005351/en/
Investor ContactNathan Judge,
CFAir@azurepower.comInvestor Relations, Azure PowerorMedia
ContactSamitla Subbapr@azurepower.com+91-11- 4940
9854Marketing, Azure Power
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