Azure Power

A bulldozer drives through rows of solar panels at ‘Shakti Sthala,’ the 2000-megawatt solar power park in Pavagada Taluk, situated about 150 kms from Bengaluru March 1. Azure Power has won a 130-megawatt solar power project in Maharashtra. (Manjunath Kiran/AFP/Getty Images)

NEW DELHI — Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced that it has won a 130 MW solar power project which was recently auctioned by Maharashtra State Electricity Distribution Company Limited, rated A by ICRA, a Moody’s company. MSEDCL supplies electricity to 22 million consumers in Maharashtra and was declared as a load shedding free state in December 2012.

Azure Power will sign a 25 years Power Purchase Agreement with MSEDCL, at a tariff of Rs. 2.72 (~US$ 0.04) per kWh. The project is expected to be developed by Azure Power outside a solar park and is expected to be commissioned in 2019.

Speaking on this occasion, Inderpreet Wadhwa, founder, chairman and chief executive officer, Azure Power said, “We are pleased to announce our win in Maharashtra and with this, we continue to demonstrate our strong project development, engineering, and execution capabilities and are delighted to make this contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”

Azure Power has been among the most active participants in several solar power auctions since the launch of the solar power market in India and the majority of the company’s portfolio are with customers that have some of the best credit ratings in India and are backed by the sovereign Government of India.

Azure Power is a leading independent solar power producer with a pan-Indian portfolio. 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 and 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.

For more information, visit: www.azurepower.com.

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