- 86% of Azure Power’s 2 GW+ contracted pipeline is with
counterparties that have A to AAA domestic debt ratings
- Over 1 GW of the contracted pipeline are with sovereign
counterparties
NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), one of India’s leading independent solar power
producers, announced that it has signed a letter of award (LOA) for a
300 MW Interstate Transmission System (ISTS) grid connected solar PV
project won in an auction conducted by NTPC Limited, which has a
domestic AAA debt rating and is the Government of India’s largest power
utility. Azure Power will provide power to NTPC at a tariff of INR 2.59
(~US 3.6 cents) per kWh for 25 years. The solar PV project can be
located anywhere in India, which will likely be outside a solar park,
and is expected to be completed in early 2021. With this win, 86% of the
company’s 2 GW+ contracted pipeline is with counterparties that have A
to AAA domestic debt ratings and over 1 GW of the pipeline is with
sovereign counterparties.
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Azure Power Solar Power Plant (Photo: Business Wire)
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman
and Chief Executive Officer, Azure Power said, “Our long history of
superior solar power operations with NTPC from the inception of National
Solar Mission has contributed to our success of winning this 300 MW
project with NTPC. 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.”
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer
with a pan-Indian portfolio of over 3 gigawatts. 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/20181031005656/en/
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
