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Azure Power secures 300-MW solar ISTS award in India

Azure Power Solar PV Plant (Photo: Business Wire)

August 1 (Renewables Now) - Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) has been awarded a 300-MW solar Inter State Transmission System (ISTS) project at home.

Azure won the project in a 1.2-GW auction held by Solar Energy Corporation of India (SECI). It can build the solar park anywhere in India, with completion expected to take place by 2021.

As a result of this award, the company now has about 1.5 GW of ISTS projects with sovereign counterparties. It anticipates signing a 25-year power purchase agreement (PPA) for the latest project at a tariff of INR 2.54 (USD 0.037/EUR 0.033) per kWh.

Ranjit Gupta, CEO of Azure Power, noted that the company has performed well in every ISTS auction conducted by SECI to date. “We have secured ISTS interconnection approvals for over 1.5 GWs well ahead of schedule in some of the best sites in the highest solar irradiation locations, thus minimizing execution risk and maximizing returns,” he added.

(INR 10 = USD 0.145/EUR 0.131)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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