Ashis Parida January 26, 2018Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced it has won a 11.35 megawatts (MWs) solar rooftop power project. This is the largest allocation for this auction, 60% of the total. Azure Power will sign the power purchase agreement with Navodaya Vidyalaya Samiti, an autonomous body under Ministry of Human Resource Development, Government of India. Azure Power qualifies for a capital incentive from Navodaya Vidyalaya Samiti, which is expected to result in a weighted average levelized tariff of INR 4.97 (~US cents 7.7) per kWh. The solar rooftops will be spread across 152 schools and six states, including Uttar Pradesh, Madhya Pradesh, Rajasthan, Karnataka, Chhattisgarh and Kerala.
Azure Roof Power offers superior rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India to lower their energy bill and meet their greenhouse gas (GHG) emission reduction targets. With over 150 MWs of high quality, operating and committed solar assets across 20 states, Azure Roof Power has one of the largest rooftop portfolios in the country. Azure Roof Power has a well-diversified customer base with majority portfolio contracted with Government of India backed entities. Azure Roof Power customers include large commercial real estate companies, a leading global chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation, Indian Railways, a Delhi water utility company and various Government of India Ministries.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said “Azure Power offers tremendous value to its customers within the solar rooftop category across various segments. Azure Roof Power helps lower the energy costs of its customers and meet their greenhouse gas (GHG) emission reduction targets. In addition, it provides roof owners with an assured stream of cash flows through lease rentals or revenue share. Our long history of superior solar power operations across various rooftop customer segments have helped us win this project. In 2013, we built India’s first MW scale rooftop project in Gandhinagar under the smart city initiative, while recently, we have worked on electrifying various educational institutes and Government of India facilities pan India.”
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer in India with a portfolio of over 1,600 MWs across several states and union territories. 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, rooftop to mini & micro grids, since its inception in 2008. Highlights include the construction of India’s first private utility scale solar PV power plant in 2009 and the implementation of the first MW scale rooftop project under the smart city initiative in 2013.
Source: https://www.businesswire.com/news/home/20180126005135/en/Azure-Roof-Power-Electrify-152-Schools-Ministry
