NEW DELHI, Dec. 17, 2021 /PRNewswire/ -- 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 are scheduled in phases 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.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent renewable
power producer in India. 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
utility scale renewable 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 renewable power solutions to customers
throughout India.
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.
For more information:
Investor Contact
Vikas Bansal
ir@azurepower.com
Media Contact
Samitla Subba
pr@azurepower.com
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SOURCE Azure Power