NEW DELHI: Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced it has won a 5 MW rooftop solar power project in a bid conducted by New & Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP). This is the largest allocation for this auction, 33% of the total. Azure Power will provide power for 25 years to various Government buildings in Andhra Pradesh. Azure Power qualifies for a capital incentive which results in a weighted average levelized tariff of INR 4.57 (~US cents 6.7) per kWh.
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 nearly 200 MWs of high quality, operating and committed solar assets across 23 states, Azure Roof Power has one of the largest rooftop portfolios in the country. Azure Roof Power has a well-diversified customer base with a majority of the 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, Mr Vishal Jain, DGM, Azure Roof Power said “Azure Roof Power offers tremendous value to its customers within the solar rooftop category across various segments. Our solutions help lower the energy cost of customers and meet their greenhouse (GHG) emission reduction targets. Given our strong presence in Andhra Pradesh of 200 MWs in the utility segment, our foray into rooftop in the state is a natural extension of our expertise in implementing solar power projects. With this win, we are glad to expand our presence in the state and make a contribution towards the initiative of the government of Andhra Pradesh to go solar.”
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-Indian portfolio. With its in-house engineering, procurement and construction expertise and advanced inhouse 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.
