Azure Power (NYSE: AZRE), a leading solar power producer in India, announced that it has commissioned the largest (150 MW) solar power project in north India, in the state of Punjab in December 2016. For this project, Azure Power had signed a solar power implementation agreement with Punjab Energy Development Agency (PEDA) under its Solar Policy Phase III. The 150MW solar power plant represents a portfolio of three projects of 50MW each. The weighted average tariff on these projects is INR 5.63 (US$ 8.5 cents) per kWh and the company will supply power to Punjab State Power Corporation Limited for 25 years.
Spread across 713 acres of land in Punjab, the project was commissioned ahead of the contracted scheduled date. By leasing project land, Azure Power has created discretionary long term cash flow for the local community. The solar power plant will help in electrifying the nearby areas and will create an estimated 1,000 jobs in the locality. Read More…
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