Azure Power announced that its portfolio has crossed the 2 GW milestone by winning four 50 MW solar projects for a cumulative capacity of 200 MWs in the state of Maharashtra.
The solar project was auctioned by Maharashtra State Power Generation Co. Ltd. (Mahagenco), the second highest generation company in India, which is owned by the Government of Maharashtra.
Azure Power will sign a 25 year Power Purchase Agreement (PPA) with Mahagenco at a tariff of INR 3.07 (~US 4.7 cents) per kWh.
The project will be developed outside a solar park and is expected to be commissioned in 2019. These 200 MWs won are in addition to the recently 130 MWs won with Maharashtra State Electricity Distribution Company Limited (MSEDCL) in Maharashtra, bringing Azure Power’s total portfolio to 337 MWs, making the company one of the largest solar power suppliers to the state.
Commenting on the occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “We started with the vision of providing affordable solar power for generations and the mission to be the lowest cost power producer in the world. Through our collective efforts and support from our stakeholders, we have achieved this important milestone of crossing a 2 GW portfolio through large scale, mini/micro grid and rooftop solutions across the entire country. This achievement is a testament to our strong project development, engineering, and execution capabilities. We are delighted to make this contribution towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”