Azure Power wins 160MW Solar Power Project in UP
Azure Power has announced the winning of a 160MW 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). Azure Power will sign a 25-year power purchase agreement with Uttar Pradesh Power Corporation Limited (UPPCL) which has a domestic debt rating of A+ by CRISIL, a S&P company, at a tariff of Rs.3.55 (~US5.2 cents) per kWh, ~45% 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, Azure Power’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.
According to Inderpreet Wadhwa, Founder, Chairman & Chief Executive Officer, Azure Power, “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.”