Azure Power Announces Early Commissioning of 95 MW Project in Gujarat

Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced the early commissioning of a 95 MW solar power plant in Gujarat which was completed in record time for a ground mount project built by the company and has been commissioned approximately 5 months ahead of the scheduled 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 offtake credit and has been rated AA- by ICRA, a Moody’s company.

Azure Power has a long history of developing and operating solar power plants under the Gujarat Solar Policy 2009. Some of the first solar projects in India were built in Gujarat given several advantages the state has including high levels of solar radiation, an extensive and stable electric grid network, and the strong credit quality of its DISCOM, GUVNL. Azure Power developed and is operating India’s first MW-scale distributed solar rooftop project in Gujarat’s state capital city, Gandhi nagar. In 2013, World Bank recognized this project as one of the Top 10 public-private partnerships in the Asia Pacific region.

Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “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, thus contributing towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation. Our sincere gratitude to GUVNL and the state of Gujarat for all the cooperation and support extended.”