Azure Power Wins 300 MW in 1.2 GW ISTS SECI Solar Auction
Azure Power Global Limited Equity Shares (AZRE)
Last azure power global limited equity shares earnings: 2/11 04:31 pm
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Source: PR Newswire
NEW DELHI, March 7, 2019 /PRNewswire/ -- Azure Power, a leading solar power producer in India, announced it has received a letter of award (LOA) for a 300 MW solar power project through an auction conducted by Solar Energy Corporation of India (SECI), a Government of India enterprise and a company with an AA+ domestic debt rating by ICRA, a Moody's Company. With this win, Azure Power has one of the largest Inter State Transmission System (ISTS) pipeline of projects with sovereign counterparties in India and 86% of the company's overall pipeline is with strong counterparties that have domestic debt ratings that are A or higher. Azure Power expects to sign a 25-year power purchase agreement with SECI to supply power at a tariff of INR 2.58 (~US 3.7 cents) per kWh, which is 5.7% higher than the lowest bid in the market. The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020. Speaking on this occasion, Mr Inderpreet Wadhwa,
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