Azure Power Commissions 95 MW Solar Power Plant in Gujarat

Azure Power (NYSE: AZRE) has commissioned a 95 MW solar power plant in Gujarat approximately 5 months ahead of the scheduled power purchase agreement (PPA) operation date.

This section is the first phase of a 260 MW allocation by Gujarat Urja Vikas Nigam Ltd (GUVNL) to Azure Power and was developed outside a solar park. Azure Power will provide power for 25 years at a tariff of INR 2.67 (~US 3.9 cents) per kWh to GUVNL which has a strong off-take credit and has been rated AA- by ICRA, a Moody’s company.

“With the early commissioning of this plant we have set a new record for the company on delivering projects ahead of schedule, once again demonstrating our strong project development, engineering, and execution capabilities. We are pleased to start selling lowest cost solar power in the state of Gujarat, approximately 23% cheaper than the recent average pooling price of power in the state,” said Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power.

Azure Power, with a pan-India portfolio of over 3 gigawatts, has been developing and operating solar power plants under the Gujarat Solar Policy 2009. The company constructed a private utility scale solar PV power plant in 2009, a year after its incorporation. It developed and is operating a MW-scale distributed solar rooftop project in Gujarat’s state capital city, Gandhinagar. In 2013, World Bank recognised this project as one of the Top 10 public-private partnerships in the Asia Pacific region.