NEW DELHI, July 23, 2020 /PRNewswire/ -- Azure Power (NYSE:
AZRE), a leading solar power producer in India, announced that it has received the
letter of award (LOA) for a 2 GW interstate transmission (ISTS)
solar power project with Solar Energy Corporation of India (SECI) pursuant to the exercise of a
greenshoe option as part of an earlier 2 GW win with SECI. Under
this greenshoe LOA, Azure will supply power for 25 years at a
tariff of INR 2.92 (~US 3.9 cents)
per kWh. The project also comes with a 500 MW cell and module
manufacturing capacity requirement and Azure Power intends to
partner with a domestic manufacturer for this requirement.
The combined capacity for the project is 4 GWs which can be
developed anywhere in India and is
expected to be commissioned in staggered annual phases of 1 GW with
the first commissioning expected by 2022 and full commissioning by
2025. The power purchase agreement (PPA) allows for the waiver of
ISTS transmission charges and improved protections from
curtailment.
Commenting on this award, Mr. Ranjit
Gupta, Chief Executive Officer, Azure Power said, "With
this award, we will have a large pipeline of over 4 GW for an
extended period of time which will help us drive efficiencies in
our project execution and operations. This project is also a
significant step towards India's
commitment to battle climate change and to reduce carbon emissions
signed under the Paris Climate Change Agreement. Partnering with
domestic manufacturers of solar PV modules in India as part of the project will help propel
India's solar cell and module
manufacturing sector into becoming a global leader."
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-Indian portfolio over 7 gigawatts. Azure Power
developed India's first private
utility scale solar project in 2009 and has been at the forefront
in the sector as a developer, constructor and operator of solar
projects since its inception in 2008. With its in-house
engineering, procurement and construction expertise and advanced
in-house operations and maintenance capability, Azure Power manages
the entire development and operation process, providing low-cost
solar power solutions to customers throughout India. For more information, visit:
www.azurepower.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended and the Private Securities Litigation Reform Act of
1995, including statements regarding the Company's future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. The risks and uncertainties that could cause the
Company's results to differ materially from those expressed or
implied by such forward-looking statements include: the
availability of additional financing on acceptable terms; changes
in the commercial and retail prices of traditional utility
generated electricity; changes in tariffs at which long term PPAs
are entered into; changes in policies and regulations including net
metering and interconnection limits or caps; the availability of
rebates, tax credits and other incentives; the availability of
solar panels and other raw materials; its limited operating
history, particularly as a new public company; its ability to
attract and retain its relationships with third parties, including
its solar partners; its ability to meet the covenants in its debt
facilities; meteorological conditions issues related to the corona
virus; supply disruptions; power curtailments by Indian state
electricity authorities and such other risks identified in the
registration statements and reports that the Company has filed with
the U.S. Securities and Exchange Commission, or SEC, from time to
time. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and the
Company assumes no obligation to update these forward-looking
statements.
Investor Contact
ir@azurepower.com
Media
Contact
pr@azurepower.com
+91-11-
4940 9854
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SOURCE Azure Power