Azure Power Wins its First 150 MW ISTS Hybrid Power Project with SECI
Azure Power (NYSE: AZRE) has received a letter of award (LOA) for its first 150 MW wind-solar hybrid power project from the Solar Energy Corporation of India (SECI). The project aims to provide power at a fixed tariff of INR 2.35 (~US 3.2 cents) per kWh for 25 years. This initiative is part of SECI's larger 1,200 MW ISTS Hybrid Tranche – IV tender and includes the installation of 100 MW solar and 50 MW wind capacity within 18 months. The project’s progression is pending a decision from the Delhi High Court regarding a related legal challenge.
- Secured a LOA for a 150 MW wind-solar hybrid project with a fixed tariff of INR 2.35 (~US 3.2 cents) per kWh.
- Part of a larger 1,200 MW ISTS Hybrid Tranche – IV tender, indicating significant growth potential in the renewable sector.
- Planned completion within 18 months, demonstrating efficient project timeline.
- The LOA is subject to a pending decision from the Delhi High Court regarding a legal challenge, which may delay project implementation.
NEW DELHI, Nov. 11, 2021 /PRNewswire/ -- Azure Power (NYSE: AZRE) announced that it has received the letter of award (LOA) for its first 150 MW ISTS connected wind–solar hybrid power project with Solar Energy Corporation of India (SECI) to supply power for 25 years at a fixed tariff of INR 2.35 (~US 3.2 cents) per kWh. The project is part of the 1,200 MW ISTS Hybrid Tranche – IV tender from SECI and will entail setting up of 100 MW of solar and 50 MW of wind capacity 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, "Following up on our first wind project win, we have secured yet another important milestone with our first solar-wind hybrid project with SECI. We have taken steps to develop large wind sites and this project, along with the wind project we announced earlier, will be built as part of that development. With this win, we are confident of maximising our growth potential with the remarkable opportunities that we have in the Indian renewable energy market."
It may be noted that the LOA is currently subject to the final decision of the Hon'ble High Court of Delhi at New Delhi in the writ petition filed by Renew Ushma Energy Pvt Ltd Vs SECI & others in the matter of e-Reverse auction in the tender.
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.
For more information:
Investor Contact
Vikas Bansal
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Media Contact
Samitla Subba
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SOURCE Azure Power
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