Azure Power today announced a long-term financing of $70.35 million by Export Import Bank of the United States for its solar power plant at Nagaur, Rajasthan.

The plant is an expansion of Azure’s existing 5 MW Nagaur photovoltaic facility to 40 MW, making it the largest solar power plant to be developed at a single location under the National Solar Mission.

Once fully operational, this plant will reduce carbon emissions of up to 66,000 tonnes annually or in other words the equivalent of removing about 12,000 cars off Indian roads per year, the company said.

Plant construction has started and it is expected to be operational by February next.

The additional capacity at this project continues the drive towards grid parity and will sell power at Rs 8.21/unit to NVVN (NTPC Vidyut Vyapar Nigam Ltd). Azure Power expects to reach solar grid parity by 2017.

Punjab, Gujarat projects

Azure’s first project in Punjab sells power at Rs 17.91/unit, followed by its Gujarat project that sells power at Rs 15/unit. Last December, Azure Power commissioned its plant under National Solar Mission Phase-I Batch-I in Rajasthan that sells power at Rs 11.94/unit.

Azure Power had commissioned the 5 MW Nagaur plant in December last year. The 40 MW solar plant set up over 346 acres of wasteland will generate reliable power as well as help generate income for the community through local employment for construction, installation, security and maintenance of this facility.

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