Azure Power receives LoA for 2,000 MW solar power project

The combined capacity for the project is 4 GW

Azure Power, Solar power producer, Greenshoe option, Interstate transmission, Solar Energy Corporation of India, Power purchase agreement, Solar power projects

Solar power producer Azure Power has received the letter of award (LoA) for 2,000 MW interstate transmission (ISTS) solar power project with the Solar Energy Corporation of India (SECI).

This is followed by following the exercise of a greenshoe option as part of an earlier 2,000 MW win with SECI.

Under this greenshoe LoA, Azure Power will supply power for 25 years at a tariff of Rs 2.92 (3.9 cents) per kWh.

The project also comes with 500 MW cell and module manufacturing capacity requirement, and Azure Power intends to partner with a domestic manufacturer for the requirement.

The combined capacity for the project is four GW which can be developed anywhere in India and expected to be commissioned in staggered annual phases of one GW with the first commissioning expected by 2022 and full commissioning by 2025.

The power purchase agreement (PPA) allows for the waiver of ISTS transmission charges and improved protection from curtailment.

Azure Power has a pan-India portfolio of over seven GW solar power projects.

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