Azure Power obtains funds for 200-MW Indian solar project
Azure Power Solar Power Plant (Photo: Business Wire)
Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) has secured INR 6 billion (USD 82m/EUR 71m) in financing for a 200-MW photovoltaic (PV) project in the state of Rajasthan.
The financing deal was completed ahead of schedule, Azure Power said on Tuesday. The funds will support the particular solar project, which it won in an auction held by the Solar Energy Corporation of India (SECI) in January this year.
The 200-MW solar park will be installed within the Bhadla solar complex and is expected to be brought online next year. Azure Power will sell its output under a 25-year power purchase agreement (PPA) at a tariff of INR 2.48 per kWh, it announced previously.
So far, Azure Power has 1,000 MW of projects in its portfolio that have been awarded in SECI tenders. Its first allocation under such tender was for a 100-MW solar park in Rajasthan, back in 2015.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.