Azure Power has announced that it has won a 160 MW solar 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 INR 3.55 (~US 5.2 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. Azure Power is one the largest solar developers in Uttar Pradesh and built the first utility scale solar project in Uttar Pradesh in 2015.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “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.”