Azure Power (NYSE: AZRE) today announced that it has signed its largest ever Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) for a capacity of 2,333 MW of ISTS connected solar power projects under the 4 GW manufacturing linked projects.
This follows the 600 MW PPA signed during last month under the same tender. Projects developed under this PPA will supply power for 25 years at a fixed tariff of INR 2.42 (~US 3.3 cents) per kWh and shall be constructed in Rajasthan, the highest solar insolation state in India.
Connectivity approval for these projects is already in place and land is fully identified and is under acquisition. Commissioning of these projects is scheduled in phase-wise manner with 1,000 MW by November 2024, 1,000 MW by November 2025 and balance 333 MW by November 2026.
Azure Power also announced today that it has received the Letter Of Award (LOA) for its second wind-solar hybrid power project of 200 MW from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) to supply power for 25 years at a fixed tariff of INR 2.62 (~US 3.5 cents) per kWh and will entail setting up of 133 MW solar and 67 MW wind capacity within a period of 18 months from the signing of PPA. Solar capacity for the project will be set up in Rajasthan, while the wind capacity will be in Maharashtra.
"We are pleased with our progress on the 4 GW projects with SECI. This is the largest capacity PPA ever for Azure Power in its decade long journey in the renewable energy sector and provides us with an incredible opportunity to support India's resolve on climate change and being a destination of choice for global investments," says Ranjit Gupta, MD and CEO, Azure Power.
"We are confident that these PPAs and the hybrid projects are a significant step forward in creating a long runway for growth and value accretion for our stakeholders, which we will continue to strengthen with our prudent choice of projects and capital deployment," added Gupta.
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( With inputs from ANI )
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