1. Home
  2. Business
  3. &
  4. Finance
  5. Azure Power signs 2,333 MW PPA with SECI under 4 GW projects, receives Letter of Award for Second Hybrid Project for 200 MW – EQ Mag Pro
Azure Power signs 2,333 MW PPA with SECI under 4 GW projects, receives Letter of Award for Second Hybrid Project for 200 MW – EQ Mag Pro

Azure Power signs 2,333 MW PPA with SECI under 4 GW projects, receives Letter of Award for Second Hybrid Project for 200 MW – EQ Mag Pro

0
0

New Delhi : Azure Power (NYSE: AZRE) today announced that it has signed its largest ever Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) for a capacity of 2,333 MW of ISTS connected solar power projects under the 4 GW manufacturing linked projects.

This follows the 600 MW PPA signed during last month under the same tender. Projects developed under this PPA will supply power for 25 years at a fixed tariff of INR 2.42 (~US 3.3 cents) per kWh and shall be constructed in Rajasthan, the highest solar insolation state in India.

Connectivity approval for these projects is already in place and land is fully identified and is under acquisition. Commissioning of these projects is scheduled in phase-wise manner with 1,000 MW by November 2024, 1,000 MW by November 2025 and balance 333 MW by November 2026.

Azure Power also announced today that it has received the Letter Of Award (LOA) for its second wind-solar hybrid power project of 200 MW from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) to supply power for 25 years at a fixed tariff of INR 2.62 (~US 3.5 cents) per kWh and will entail setting up of 133 MW solar and 67 MW wind capacity within a period of 18 months from the signing of PPA. Solar capacity for the project will be set up in Rajasthan, while the wind capacity will be in Maharashtra.

“We are pleased with our progress on the 4 GW projects with SECI. This is the largest capacity PPA ever for Azure Power in its decade long journey in the renewable energy sector and provides us with an incredible opportunity to support India’s resolve on climate change and being a destination of choice for global investments,” says Ranjit Gupta, MD and CEO, Azure Power.

“We are confident that these PPAs and the hybrid projects are a significant step forward in creating a long runway for growth and value accretion for our stakeholders, which we will continue to strengthen with our prudent choice of projects and capital deployment,” added Gupta.

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Source : ANI

Anand Gupta Editor - EQ Int'l Media Network