- 50 MW allocation to Azure Power is the largest solar rooftop
allocation by Solar Energy Corporation of India (SECI) to supply power
to Government buildings, approximately 14% of the total allocated
capacity of 360 MW announced
NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE:AZRE), a leading solar power producer in India,
announced that it has won a 50 MW solar project in an auction conducted
by Solar Energy Corporation of India (SECI), a company of the Ministry
of New and Renewable Energy, Government of India. This 50 MW allocation
is the largest rooftop allocation by SECI to a solar power developer,
approximately 14% of the total allocated capacity of 360 MW announced.
Azure Roof Power will provide power for 25 years to various Government
of India buildings across states and union territories of Chandigarh,
Chhattisgarh, Delhi, Haryana, Kerala, Odisha, Punjab, Rajasthan, Uttar
Pradesh and West Bengal. The power will be sold at a tariff range of INR
3.19 - 3.97 (US$ 0.05- 0.06) /kWh based on location. In addition, Azure
Power qualifies for a capital incentive from SECI, which is expected to
result in a weighted average levelized tariff of INR 4.65 (~US $0.07)
/kWh.
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Azure Power | New York Stock Exchange (Photo: Business Wire)
Azure Roof Power offers superior rooftop solar power solutions
for commercial, industrial, government, and institutional customers in
cities across India to lower their energy bill and meet their greenhouse
gas (GHG) emission reduction targets. With over 150 MWs of high quality,
operating and committed solar assets across 19 states, Azure Roof Power
has one of the largest rooftop portfolios in the country. Azure Roof
Power has a well-diversified customer base with majority portfolio
contracted with Government of India backed entities. Azure Roof Power
customers include large commercial real estate companies, a leading
global chain of premium hotels, distribution companies in smart cities,
warehouses, Delhi Metro Rail Corporation, Indian Railways, Delhi water
utility company and various Government of India Ministries.
Commenting on the occasion, Mr Inderpreet Wadhwa, Founder,
Chairman and Chief Executive Officer, Azure Power said, “Azure Roof
Power offers tremendous value to our customers across various segments.
We are pleased to announce our latest win with Solar Energy Corporation
of India to electrify Government of India buildings across 10 states.
With this win, we have once again demonstrated our strong project
development capabilities and 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.”
About Azure Power
Azure Power (NYSE:AZRE) is a leading solar power producer in India with
a portfolio of over 1,000 MWs across 22 states/union territories. With
its in-house engineering, procurement and construction expertise and
advanced in-house operations and maintenance capability, Azure Power
provides low-cost and reliable solar power solutions to customers
throughout India. It has developed, constructed and operated solar
projects of varying sizes, from utility scale to rooftop, since its
inception in 2008. Highlights include the construction of India’s first
private utility scale solar PV power plant in 2009 and the
implementation of the first MW scale rooftop project under the smart
city initiative in 2013.
For more information, visit: www.azurepower.com.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995,
including statements regarding the Company’s future financial and
operating guidance, operational and financial results such as estimates
of nominal contracted payments remaining and portfolio run rate, and the
assumptions related to the calculation of the foregoing metrics. The
risks and uncertainties that could cause the Company’s results to differ
materially from those expressed or implied by such forward-looking
statements include: the availability of additional financing on
acceptable terms; changes in the commercial and retail prices of
traditional utility generated electricity; changes in tariffs at which
long term PPAs are entered into; changes in policies and regulations
including net metering and interconnection limits or caps; the
availability of rebates, tax credits and other incentives; the
availability of solar panels and other raw materials; its limited
operating history, particularly as a new public company; its ability to
attract and retain its relationships with third parties, including its
solar partners; its ability to meet the covenants in its debt
facilities; meteorological conditions and such other risks identified in
the registration statements and reports that the Company has filed with
the U.S. Securities and Exchange Commission, or SEC, from time to time.
All forward-looking statements in this press release are based on
information available to us as of the date hereof, and the Company
assumes no obligation to update these forward-looking statements.
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Azure Power
Investor Contact
Nathan Judge, CFA
[email protected]
Investor
Relations
or
Media Contact
Samitla Subba
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Marketing
Source: Azure Power Global Ltd
