NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), one of India’s leading independent solar power
producers, announced it has received a letter of intent for a 6 MW solar
project won an auction conducted by Odisha Renewable Energy Development
Agency (OREDA) for Hindustan Aeronautics Limited (HAL). The capacity won
is 100% of the total capacity allocated. Azure Power expects to sign a
25-year power purchase agreement with HAL which has a domestic debt
rating of AAA by CRISIL, a S&P company, at a tariff of INR 3.13 (~US 4.6
cents) per kWh. The project will be developed by Azure Power within HAL
estate area of approx 30 acres. HAL is a major domestic supplier of
aviation equipment to the Indian defence sector and is governed under
the management of the Indian Ministry of Defence.
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Azure Power Solar Project (Photo: Business Wire)
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman
and Chief Executive Officer said, “We are pleased to announce our
win with HAL and with this, we continue to demonstrate our strong
project development, engineering, and execution capabilities. We are
delighted to make this contribution towards the realization of our
Hon’ble Prime Minister’s commitment towards clean and green energy,
through solar power generation.”
Azure Power has been among the most active participants in solar power
auctions since the beginning of the solar power market in India and the
majority of the Company’s portfolio are with customers that have some of
the best credit ratings in India, most of which are backed by the
Government of India.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer
with a pan-Indian portfolio. 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. 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 SEC from time to time. In the press release, megawatts portfolio
represents the aggregate megawatt capacity of solar power plants
pursuant to PPAs, signed or allotted or where the Company has been
cleared as one of the winning bidders or won reverse auction, but yet to
receive letter of allotment. 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: https://www.businesswire.com/news/home/20180924005370/en/
Investor Contact
Nathan Judge, CFA
[email protected]
Investor
Relations, Azure Power
Media Contact
Samitla Subba
[email protected]
+91-11-
4940 9854
Marketing, Azure Power
Source: Azure Power Global Ltd
