Azure Power wins 300 MW solar project in India

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Azure Power, one of India’s leading independent solar power producers, announced that it has signed a letter of award (LOA) for a 300 MW Interstate Transmission System (ISTS) grid connected solar PV project won in an auction conducted by NTPC Limited, which has a domestic AAA debt rating and is the Government of India’s largest power utility.

Azure Power will provide power to NTPC at a tariff of INR 2.59 (~US 3.6 cents) per kWh for 25 years. The solar PV project can be located anywhere in India, which will likely be outside a solar park, and is expected to be completed in early 2021.

With this win, 86% of the company’s 2 GW+ contracted pipeline is with counterparties that have A to AAA domestic debt ratings and over 1 GW of the pipeline is with sovereign counterparties.

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