Azure Power Wins its First 120 MW ISTS Wind Project with SECI

Rhea-AI Summary

Azure Power (NYSE: AZRE) announced the receipt of a letter of award (LOA) for a 120 MW ISTS wind project from Solar Energy Corporation of India (SECI). The project, located in Karnataka, will supply power for 25 years at a tariff of INR 2.70 (~US 3.6 cents) per kWh. It is part of SECI's 1,200 MW ISTS Tranche – XI tender and is expected to be constructed within 18 months from the signing of the Power Purchase Agreement (PPA). This achievement marks Azure's entry into wind energy, expanding its renewable energy presence in India.

Positive

• Secured 120 MW ISTS wind project, expanding renewable energy portfolio.
• Long-term power supply contract for 25 years at competitive tariff.
• Strong management experience to support project execution.

Negative

• None.

NEW DELHI, Oct. 22, 2021 /PRNewswire/ -- Azure Power (NYSE: AZRE) announced that it has received the letter of award (LOA) for its first wind project, 120 MW ISTS project with Solar Energy Corporation of India (SECI) to supply power for 25 years at a tariff of INR 2.70 (~US 3.6 cents) per kWh. The project is part of the 1,200 MW ISTS Tranche – XI tender from SECI and shall be constructed in Karnataka, within a period of 18 months from the signing of Power Purchase Agreement (PPA).

Speaking on this occasion, Ranjit Gupta, MD and CEO, Azure Power, said, "This is a significant milestone in Azure's journey as the leading renewable energy player in India. We have secured our first step in diversifying our presence in the renewable spectrum in India and it positions us well to add to our addressable market while we build scale in this segment on the back of strong management experience and Azure's long history of execution."

About Azure Power

Azure Power (NYSE: AZRE) is a leading independent renewable power producer in India. Azure Power developed India's first private utility scale solar project in 2009 and has been at the forefront in the sector as a developer, constructor and operator of utility scale renewable projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power manages the entire development and operation process, providing low-cost renewable power solutions to customers throughout India. 

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For more information:

Investor Contact:
Vikas Bansal
ir@azurepower.com

Media Contact:
Samitla Subba
pr@azurepower.com

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SOURCE Azure Power

FAQ

What is the significance of Azure Power's 120 MW ISTS wind project?

The 120 MW ISTS wind project is significant as it marks Azure Power's entry into wind energy, expanding its renewable energy offerings in India.

What tariff has Azure Power secured for its new wind project?

Azure Power has secured a tariff of INR 2.70 (~US 3.6 cents) per kWh for its new wind project.

When is Azure Power expected to complete the wind project?

Azure Power is expected to complete the wind project within 18 months from the signing of the Power Purchase Agreement (PPA).

Who awarded the wind project to Azure Power?

The wind project was awarded to Azure Power by the Solar Energy Corporation of India (SECI).

How long is the power supply contract for the wind project?

The power supply contract for the wind project is for a duration of 25 years.