Azure Power (NYSE: AZRE), a leading independent solar power producer in India, announced that it has won a 260 MW solar project in an auction conducted by Gujarat Urja Vikas Nigam Ltd (GUVNL). The 260 MW allocation is the largest allocation by GUVNL to a solar power developer, 52% of the total allocated capacity of 500 MW announced. Azure Power will provide power for 25 years to GUVNL which has been rated AA- by ICRA, a Moody’s company, at a tariff of INR 2.67 (~US$ 0.04) per kWh. The project will be developed by Azure Power outside a solar park and is likely to be commissioned in 2019.
Azure Power has a long history of developing and operating solar power plants under the Gujarat Solar Policy 2009. Read More…
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