Azure Power has received a letter of award (LOA) for a 2 GWs interstate transmission (ISTS) solar power project with Solar Energy Corporation of India (SECI) to supply power for 25 years at a tariff of INR2.92 (US$0.04) per kWh. The solar power project can be developed anywhere in India and is expected to be commissioned in staggered annual phases of 500 MW each 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 protections from curtailment. As part of the LOA, the company can elect in the next 5 days to double the capacity allocated as part of a greenshoe option.
The project also comes with a 500 MW cell and module manufacturing capacity requirement. Azure Power has an agreement in principle with a leading Indian solar panel manufacturer to take a majority ownership stake of this manufacturing requirement and the total investment requirement by the company is expected to be limited to 26% of equity investment.
Country updates
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December 20, 2019
ReNew Power, GS E&C partner on 300 MW solar project in Rajasthan
ReNew Power Private Limited (ReNew Power) has formed a joint venture partnership with South Korea-based GS E&C for the execution of its 300 MW solar power plant in Rajasthan. The project is part o...
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December 17, 2019
Sterlite Power concludes acquisition of Green Energy Transmission Corridor Project
Sterlite Power has completed the acquisition of the inter-state GEC transmission project, Lakadia Vadodara Transmission Project Limited (LVTPL), from PFC Consulting Limited. The company had won this p...
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December 16, 2019
RattanIndia Power closes sale of 225 MW solar portfolio to Vector Green Energy
RattanIndia Power Ltd, formerly known as India Bulls Power, has completed the sale of a 225 MW solar portfolio to Vector Green Energy Pvt Ltd. The solar photovoltaic portfolio in India con...
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December 12, 2019
SECI launches tender for 2.4 GW of wind, solar projects
The Solar Electricity Corporation of India (SECI) has launched two tenders inviting interested developers for 1.2 GW of solar photovoltaic (PV) and 1,3 GW of wind-solar projects. The projects w...
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December 10, 2019
Sembcorp buys 5.95% stake to wholly-own Sembcorp Energy India Limited
Sembcorp Industries (Sembcorp), through its wholly-owned subsidiary Sembcorp Utilities, has entered into a non-binding term sheet with its local Indian partner, Gayatri Energy Ventures Pte Ltd (GEVPL)...
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