NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), one of India’s leading independent solar power
producers, announced it has won a 11.35 megawatts (MWs) solar rooftop
power project. This is the largest allocation for this auction, 60% of
the total. Azure Power will sign the power purchase agreement with
Navodaya Vidyalaya Samiti, an autonomous body under Ministry of Human
Resource Development, Government of India. Azure Power qualifies for a
capital incentive from Navodaya Vidyalaya Samiti, which is expected to
result in a weighted average levelized tariff of INR 4.97 (~US cents
7.7) per kWh. The solar rooftops will be spread across 152 schools and
six states, including Uttar Pradesh, Madhya Pradesh, Rajasthan,
Karnataka, Chhattisgarh and Kerala.
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Azure Roof Power Solar PV Plant (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 20 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, a Delhi water
utility company and various Government of India Ministries.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said “Azure Power offers
tremendous value to its customers within the solar rooftop category
across various segments. Azure Roof Power helps lower the energy costs
of its customers and meet their greenhouse gas (GHG) emission reduction
targets. In addition, it provides roof owners with an assured stream of
cash flows through lease rentals or revenue share. Our long history of
superior solar power operations across various rooftop customer segments
have helped us win this project. In 2013, we built India’s first MW
scale rooftop project in Gandhinagar under the smart city
initiative, while recently, we have worked on electrifying various
educational institutes and Government of India facilities pan India.”
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer
in India with a portfolio of over 1,600 MWs across several states and
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180126005135/en/
Azure Power
Investors:
Nathan Judge, CFA
Investor
Relations
[email protected]
or
Media:
Samitla
Subba, +91-11- 4940 9854
Marketing
[email protected]
Source: Azure Power Global Ltd
