NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, announced its foray into rural electrification through mini and
micro grids in the eastern state of Jharkhand.
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According to the Ministry of Power (DDUGJY: Status update as of Sept.
30, 2017), more than three million households in Jharkhand are
unelectrified. In an effort to electrify these households, Jharkhand
Renewable Energy Development Agency (JREDA) has awarded projects for
design, supply, installation, commissioning and operation for 5 years of
decentralised distributed solar PV power plants along with power
distribution networks to the unelectrified households. Azure Power has
won a project to electrify 320 households across 11 villages through
development of mini and micro grids.
The Government of India recently announced ‘Saubhagya’ scheme which
sanctioned INR 160 billion (~US$ 2.5 billion) to help achieve the
electrification of 30 million households across the country by March
2019. Mini and micro grid development across India is likely to be core
to achieving targets under this program.
Azure Power is an established leader in the Indian solar industry with
the longest track record in developing and operating large utility-scale
solar projects. Earlier in 2016, the company launched Azure Roof Power
which 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 the foray into micro and mini grids for
rural electrification, Azure M-Power will offer reliable and affordable
electrification solutions in villages across India that enables
sustainable economic development, inclusive growth and resilience
against climate change.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said “Azure Power aims to
bridge the energy access gap in India through its low-cost and reliable
solar power solutions. With the launch of Azure M-Power for
electrification of villages across India, we are delighted to make a
contribution towards the realization of our Hon’ble Prime Minister’s
commitment towards 24x7 power for all.”
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer
in India with a portfolio of over 1,630 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, rooftop to mini &
micro grids, 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
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Relations
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Source: Azure Power Global Ltd
