Azure adds 130MW of solarpower project wins to portfolio

26 March 2018 (Last Updated March 26th, 2018 12:56)

India-based solar independent power producer Azure Power has secured two new project wins from Karnataka Renewable Energy Development and Indian Railways with a total capacity of 130MW.

India-based solar independent power producer Azure Power has secured two new project wins from Karnataka Renewable Energy Development and Indian Railways with a cumulative total of 130MW.

The new projects bring the company’s total portfolio to more than 1,720MW.

The new wins include a 100MW utility-scale project at the Pavagada solar park in Karnataka and a 30MW solar rooftop project with Indian Railways.

Owned and operated by the Indian Government through the Ministry of Railways, Indian Railways is the largest rail network in Asia.

The Pavagada Solar Park is being developed by Karnataka Solar Power Development (KSPCL).

“With these wins, we have once again demonstrated our strong project development capabilities.”

Under the deal, the company will supply power to the electricity supply companies of Karnataka (ESCOMs) for 25 years at a tariff of Rs2.93 ($0.046 cents) per kilowatt-hour (kWh).

The company also qualifies for a capital incentive from Indian Railways and the power will be sold at a weighted average levelised tariff of Rs4.74 ($0.075 cents) per kilowatt-hour.

Azure Power founder, chairman and chief executive officer Inderpreet Wadhwa said: “Azure Power offers tremendous value to our customers across various segments. We are pleased to expand our portfolio in Karnataka and with Indian Railways.

“With these wins, we have once again demonstrated our strong project development capabilities and are delighted to make this contribution towards the realisation of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solarpower generation.”

The company noted that its portfolio in Karnataka had now reached around 250MW, while it has become the largest supplier of solarpower to Indian Railways with a cumulative awarded capacity of 76MW, which includes the 46MW capacity currently in the portfolio.