Business Wire India Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced the commissioning of a 40-megawatt (MW) solar power plant in the state of Uttar Pradesh. Spread across an area of approximately 225 acres, the project has been set up under the government’s National Solar Mission Phase-II Batch-III Tranche III. The project was auctioned by Solar Energy Corporation of India (SECI), a Government of India enterprise which has AA+ debt rating by ICRA, a Moody’s company. Azure Power will supply power to SECI for the next 25 years at a levelized tariff of INR 4.92 (~US 7.7 cents) per kWh, which is inclusive of Viability Gap Funding (VGF).
Uttar Pradesh is the most populous state in India and has a large peak energy supply deficit, according to the Central Electricity Authority. In addition, CRISIL projects that over 10 million unelectrified households will be connected by 2019. Azure Power is one the largest solar developers in Uttar Pradesh and built the first utility-scale solar project in Uttar Pradesh in 2015.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “
With the commissioning of this plant, we have once again demonstrated our strong project development, engineering, and execution capabilities. We are delighted to make a contribution towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation. Our sincere gratitude to SECI and the state of Uttar Pradesh for all the cooperation and support extended.”