Azure Power toasts to off-take deals for over 2.5 GW of wind, solar projects

Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) announced on Friday that it has secured power purchase agreements (PPA) and the Letter of Award (LOA) for over 2,500 MW of its solar and wind farm projects in India.

The company said it signed an agreement, its largest ever, with Solar Energy Corporation of India (SECI) for 2,333 MW of solar farm schemes under a tender for 4 GW of projects linked with manufacturing capacity.

The PPAs specify a fixed tariff of INR 2.42 (USD 0.032/EUR 0.028) per kWh for 25 years.

Azure will build the solar farms in Rajasthan and connect them to the interstate transmission system (ISTS). It says it has connectivity approval in place for all of the projects, the land for them identified and under acquisition.

Commissioning will happen in phases at a rhythm of 1,000 MW by November 2024, 1,000 MW by November 2025 and the remaining 333 MW by November 2026. Azure said.

Azure’s second success announced on Friday is the reception of the LOA from Maharashtra State Electricity Distribution Co Limited (MSEDCL) for its 200-MW wind-and-solar hybrid power project.

The hybrid set-up will combine up to 133 MW of solar power installed in Rajasthan and 67 MW of wind in Maharashtra. The facilities will supply power for 25 years at fixed tariff of INR 2.26/kWh, Azure added.

(INR 10 = USD 0.132/EUR 0.116)

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