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)