July 11 (Renewables Now) - Solar power producer Azure Power (NYSE:AZRE) confirmed that it has won 160 MW in a solar auction in India’s Uttar Pradesh state with a bid of INR 3.55 (USD 0.052/EUR 0.044) per kWh.
The company said today it will sign a power purchase agreement (PPA) with a term of 25 years with Uttar Pradesh Power Corp Ltd (UPPCL) for the project, which will be built outside a solar complex. Commissioning is expected next year. The rate at which Azure will be selling power from the project is the highest achieved in the tender and, as it noted, roughly 45% higher than the lowest bids for solar in India.
According to consultancy Bridge to India, the company ranked as the ninth largest project developer in the country in fiscal 2017/18. With this award, Azure will reach 260 MW of capacity in Uttar Pradesh, the most populous state in India and struggling to meet peak energy demand.
(INR 100 = USD 1.45/EUR 1.24)