Indian renewables producer Azure Power has signed a contract for a 200MW solar project in the state of Gujarat, Western India.
With the agreement, Azure Power now holds a portfolio of 470MW in the state with Gujarat Urja Vikas Nigam (GUVNL), and also has become the largest solarpower supplier in the area.
The 200MW project will be developed by the company outside a solar park and is expected to be commissioned by next year.
In addition, Azure Power will sign a 25-year power purchase agreement (PPA) with GUVNL at a tariff of $0.05 per kWh, which is 25% higher than the lowest rate of $0.04 in the Indian solar market.
The independent solarpower producer has been active in the state, and has been developing and operating solar plants under the Gujarat Solar Policy 2009.
Azure Power founder, chairman and chief executive officer Inderpreet Wadhwa said: “Winning this project is a historic milestone for us.
“We embarked on our mission to be a leading solar company with a 10MW project with GUVNL and as we celebrate our ten-year anniversary, this 200MW solar project win with GUVNL takes our portfolio capacity to over 470MW, making us the largest solarpower supplier to the state.
“This achievement is a testament to our efficiency and reliability as a trusted solarpower producer.”
Founded in 2008, Azure Power has been engaged in the development and construction of solar projects of varying sizes, from utility-scale to microgrids.
Azure Power announced itself as the first company in the country to develop and operate India’s inaugural MW-scale distributed solar rooftop project in Gujarat’s state capital city, Gandhinagar.