Azure Power Secures 160 MW Solar Project in UP Auction with Highest Tariff

The project is expected to be commissioned in 2019 and developed outside a solar park.

Independent solar power producer, Azure Power has won the 160 MW solar power project in Uttar Pradesh at the highest tariff in a recent auction conducted by the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA).

Further, the company will sign a 25-year Power Purchase Agreement (PPA) with the Uttar Pradesh Power Corporation Ltd (UPPCL) which has a domestic debt rating of A+ by CRISIL, a S&P company, at a tariff of Rs 3.55 (~US 5.2 cents) per kWh, ~45 percent higher than the lowest tariff bid for a solar project in India.

The project is expected to be commissioned in 2019 and developed outside a solar park.

With this win the company’s solar portfolio will be 260 MWs in Uttar Pradesh which is the most populous state in India and has a large peak energy supply deficit, according to the Central Electricity Authority (CEA).

It is among the largest solar developers in UP and in 2015 it has built the first utility scale solar project in the state.

Commenting on the project win, Azure Power, Founder, Chairman and Chief Executive Officer, Inderpreet Wadhwa said, “We are pleased to announce our win in Uttar Pradesh, and with this we have once again demonstrated our strong project development, engineering, and execution capabilities. We are delighted to make this contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”