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Azure Power wins 300-MW project in Indian PV tender

Azure Power Solar Power Plant (Photo: Business Wire)

November 2 (Renewables Now) - Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) on Wednesday said it has won a 300-MW solar project in India in a tender held by domestic power major NTPC Ltd (BOM:532555).

Azure Power has signed a letter of award (LOA) with NTPC for the solar park that will be connected to the interstate transmission system (ISTS). The company has secured the right to build the solar farm and sell the power to NTPC at INR 2.59 (USD 0.036/EUR 0.031) per kWh for a period of 25 years.

Under the tender rules, the capacity can be installed at any location in India. Azure Power said it is likely that the plant is located outside an existing photovoltaic (PV) park, expecting to bring it online at the start of 2021.

Including the 300-MW project, Azure Power's contracted solar pipeline now exceeds 2 GW, the Indian firm said.

(INR 10 = USD 0.138/EUR 0.120)

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Veselina Petrova is one of SeeNews Renewables 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.

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