One of India’s major solar power developers Azure Power announced operationalisation of three utility-scale projects just ahead of the start of the new financial year.
Azure Power announced that it commissioned three solar power projects of combined capacity 130 megawatts in the southern state of Karnataka. These projects include one of 50 megawatts capacity and two of 40 megawatts capacity each.
All three projects are tied up in long-term power purchase agreements spanning 25 years with power utilities owned by the state government. Electricity generated from the projects will be sold at Rs 6.51/kWh (0.10¢/kWh).
Azure Power is also working in partnership with Hanwha Q Cells in the neighbouring state of Andhra Pradesh towards the development of a 50 megawatt project.
Azure Power now claims to have the largest operational solar power capacity in Karnataka, a record that is not expected to last for too long as several developers are either developing or vying for large-scale projects within even larger solar power parks.
The company has been an active participant in various competitive auctions held under India’s National Solar Mission and was among the first companies to set up projects under this ambitious program. Azure Power is also listed at the New York Stock Exchange. The company has pledged to install 11 gigawatts of solar power capacity in India over the next few years.