Solar energy developer Azure Power has signed a deal with the state government of Punjab, India, to develop a 150MW solar power plant.
The agreement has been signed by the company with Punjab Energy Development Agency (PEDA) under its Solar Policy Phase III.
Azure Power has won the contract through a competitive process, which invited 1650MW of bids from 18 companies for a total tender capacity of 0.5GW.
Once commissioned, power output from the projects will be supplied to Punjab Power.
This project is the fifth win for Azure Power in the state, which brings its total capacity in Punjab to 225MW.
Azure Power founder and CEO Inderpreet Wadhwa said: "We have consistently demonstrated 100% win rate in the Punjab state auctions and are the longest tenured private solar power operator in the country.
"We have won 150MW at Rs 5.63/KWh while the lowest bid was Rs 5.09/kWh."
The firm has commissioned another 100MW plant in the Indian state of Rajasthan in June, which has been developed under the second phase of the National Solar Mission.
The project will be delivering its energy output to the Solar Energy Corporation of India under a 25-year power purchase agreement.
In December last year, the firm signed a memorandum of understanding (MoU) for developing a 1GW power project in Rajasthan as well.
Image: The firm has commissioned 100MW solar power plant in Rajasthan, India. Photo: courtesy of PRNewsFoto / Azure Power.