Azure Power wins 200 MW in Gujarat

Azure Power has bagged a 200-MW solar photovoltaic (PV) power project by the means of an auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL). The company now has a total solar portfolio of 470 MW in Gujarat. The company will sign a 25-year Power Purchase Agreement (PPA) with GUVNL, at a tariff of Rs 3.06 /kW, which is 25 per cent higher than the lowest tariff of Rs 2.44 recorded at Bhadla solar park in India. The project will be developed outside a solar park and is expected to be commissioned in 2019. The company has mentioned the advantages Gujarat has including high levels of solar radiation, an extensive and stable electric grid network, and the strong credit quality of its distribution companies.