NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, has announced that it has commissioned the final phase of its 50
megawatt (MW) solar power plant in the state of Uttar Pradesh. The 50 MW
project is spread across 300+ acres of land.
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Azure Power will provide power for 25 years at a tariff of INR 4.78
(~US$ 0.07) per kWh to NTPC, the largest power utility of the Government
of India. NTPC received a AAA debt rating from CRISIL, a Standard &
Poor’s Company. Azure Power secured the 50 MW PPA through an auction
under the National Solar Mission Phase II, Batch-II Tranche I.
Uttar Pradesh is the most populous state in India and has a large peak
energy supply deficit, according to the Central Electricity Authority.
In addition, CRISIL projects that over 10 million unelectrified
households will be connected by 2019. 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, “With the commissioning
of this plant, we have once again demonstrated our strong project
development, engineering, and execution capabilities. 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. Our sincere gratitude to NTPC and the state of Uttar
Pradesh for all the cooperation and support extended.”
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
over 150 MWs of high quality solar rooftop assets, the company has one
of the largest rooftop portfolios in the country. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170922005342/en/
Azure Power
Investor Contact
Nathan Judge, CFA,
Investor Relations
[email protected]
or
Media
Contact
Samitla Subba, Marketing
[email protected]
+91-11-
4940 9854
Source: Azure Power Global Ltd
