Azure Power Wins 130 MWs of Solar Power Projects
- 100 MW win in Karnataka
- 32 MWs with Indian Railways across 12 states
Azure Power (NYSE: AZRE), a leading solar independent power producer in India, announced that it has won a cumulative capacity
of 130 MWs at a blended tariff of INR 3.35 (~US 5.2 cents) per kWh, bringing the Company’s total portfolio to over 1,720 MWs. The
win includes a 100 MWs utility scale project at the Pavagada solar park in Karnataka and a 30 MWs solar rooftop project with Indian
Railways, the largest rail network in Asia, owned and operated by the Government of India through the Ministry of Railways.
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Azure Power Solar Plant (Photo: Business Wire)
The 100 MWs project was won in an auction conducted by Karnataka Renewable Energy Development Ltd. The solar plant will be set
up at Pavagada Solar Park, one of the largest solar parks in the world. The solar park is being developed by Karnataka Solar Power
Development Corporation Limited (KSPCL). Azure Power will supply power to the electricity supply companies of Karnataka (ESCOMs)
for 25 years at a tariff of INR 2.93 (~US 4.6 cents) per kWh. This brings our portfolio in Karnataka to about 250MWs, which is one
of the largest portfolios in the state.
Another 30 MWs was allocated by Indian Railways to Azure Power. Azure Roof Power will provide power for 25 years to various
Indian Railway facilities across 12 states. Azure Power qualifies for a capital incentive from Indian Railways and the power will
be sold at a weighted average levelized tariff of INR 4.74 (~US 7.5 cents) per kWh. With the new allocation of 30 MWs, Azure Power
has become the largest supplier of solar power to Indian Railways with a cumulative awarded capacity of 76 MWs, which includes the
46 MWs of capacity currently in the portfolio.
Commenting on the occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said,
“Azure Power offers tremendous value to our customers across various segments. We are pleased to expand our portfolio in Karnataka
and with Indian Railways. With these wins, we have once again demonstrated our strong project development capabilities and are
delighted to make this contribution towards 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 an 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 to rooftop, since its inception in 2008.
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. 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.
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Azure Power Global Ltd
Investor Contact
Nathan Judge, CFA
ir@azurepower.com
Investor Relations
or
Media Contact
Samitla Subba
pr@azurepower.com
+91-11- 4940 9854
Marketing
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