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Azure Power has announced it won a 50 MW solar power project under the National Solar Mission (NSM) Phase II Batch III, which was recently put up for auction by Solar Energy Corporation of India (SECI).
Azure Power secured 50 MW of the total 100 MW capacity auctioned and will supply power to SECI for 25 years. The project will be built in the Ananthapuramu Solar Park, which is being developed by the Solar Park Implementation Agency, Andhra Pradesh Solar Power Corporation Limited (APSPCL).
The project tariff is Rs 4.43 per kWh with an additional support of Rs 12.7 million per MW from the Government of India in terms of Viability Gap Funding.
This makes the levellised tariff of this project significantly higher than the tariff of the lowest bid, including VGF, under SECI auctions in NSM Phase II Batch III.
Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power, in a statement said, “Azure Power maintains a strong track record of winning projects under every phase of National Solar Mission policy. With this win, we have once again demonstrated our strong project development capabilities.”
Azure Power has been among the active participants in several solar power auctions. With a portfolio of over 1,000 MW, the majority of the Company’s projects are with credit worthy customers backed by the sovereign Government of India.
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