- With the new allocation of 20 MWs, Azure Power has become the
largest supplier of solar power to Indian Railways with a cumulative
awarded capacity of over 66 MWs
NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), a leading solar independent power producer in
India, announced that it has won an additional 20 MWs of solar rooftop
projects for Indian Railways, the largest rail network in Asia, owned
and operated by the Government of India through the Ministry of
Railways. With the new allocation of 20 MWs, Azure Power has become the
largest supplier of solar power to Indian Railways with a cumulative
awarded capacity of over 66 MWs which includes the 46 MWs of capacity
won earlier this year. Azure Roof Power will be used to provide power
for 25 years to various Indian Railway facilities across 17 states and
union territories. The power will be sold at a tariff range of INR 3.64
- 4.49 (US$ 0.06- 0.07) based on location. In addition, Azure Power
qualifies for a capital incentive from Indian Railways which is expected
to result in a weighted average levelized tariff of INR 4.88 (~US $0.08)
per kWh.
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Azure Roof Power Project (Photo: Business Wire)
Azure Roof Power offers superior rooftop solar power solution for
commercial, industrial, government, and institutional customers in
cities across India to lower their energy bills and to meet their
greenhouse gas (GHG) emission reduction targets. With over 150MWs of
high quality, operating and committed solar assets across 20 states,
Azure Roof Power has one of the largest rooftop portfolios in the
country. Azure Power has a well-diversified customer base with the
majority of the 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, a Delhi water utility company and various Government of
India Ministries.
Commenting on the occasion, MrInderpreet 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 expand our Azure Roof Power platform with Indian
Railways. 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 1,300 MWs across 23 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, Azure Power
or
Media Contact
Samitla
Subba
[email protected]
+91-11-
4940 9854
Marketing, Azure Power
Source: Azure Power Global Ltd
