Azure Power announced that it has signed a letter of award (LOA) for a 300 MW Interstate Transmission System (ISTS) grid connected solar PV project won in an auction conducted by NTPC Limited, which has a domestic AAA debt rating and is the Government of India’s largest power utility.
Azure Power will provide power to NTPC at a tariff of INR 2.59 (~US 3.6 cents) per kWh for 25 years. The solar PV project can be located anywhere in India, which will likely be outside a solar park, and is expected to be completed in early 2021. With this win, 86% of the company’s 2 GW+ contracted pipeline is with counterparties that have A to AAA domestic debt ratings and over 1 GW of the pipeline is with sovereign counterparties.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “Our long history of superior solar power operations with NTPC from the inception of National Solar Mission has contributed to our success of winning this 300 MW project with NTPC. We are delighted to make a contribution towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”