Azure Power announces 600 MW solar project commissioning

According to the Central Electricity Authority, by 2030, the country’s power requirement would be 817GW, more than half of which would be clean energy, and 280GW would be from solar energy alone. (Photo: Pradeep Gaur/Mint)Premium
According to the Central Electricity Authority, by 2030, the country’s power requirement would be 817GW, more than half of which would be clean energy, and 280GW would be from solar energy alone. (Photo: Pradeep Gaur/Mint)
 2 min read . Updated: 03 Jan 2022, 06:42 PM IST Livemint

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NEW DELHI :

NYSE-listed Azure Power on Monday announced the commissioning of its largest project solar project totalling 600 megawatt (MW) awarded by Solar Energy Corporation of India (SECI). 

 “The project is in Bikaner, Rajasthan and the power generated from the project will be supplied to SECI at a tariff of INR 2.53 (~US 3.5 cents) per kWh for 25 years. This is the largest solar power project in India, owned and operated at a single location by any developer," Azure Power said in a statement. 

India’s green energy economy received foreign direct investment (FDI) of $7.27 billion from 2014-15 upto June 2021, according to Ministry of New and Renewable Energy (MNRE). Of this $797.21 million was received during 2020-21.

"Azure Power has commissioned this project in phases, with the last 100 MWs commissioned this month. Following this, Azure Power has 2510 MWs of high-performing operational solar assets spread across the country," the statement added.

In December 2015, New Delhi-based Azure Power had filed for an IPO to raise $100 million by selling 6.8 million shares at $21-23 apiece. It sold 3.41 million shares in its IPO, including 2.24 million new shares and 1.16 million shares of existing shareholders, to raise $61.36 million. Ahead of Azure’s IPO, CDPQ had picked up a stake worth $75 million as part of a private placement. In a first, Azure Power had raised $500 million through green bonds in August 2017.

In what may rank among the largest clean energy deals in India, Canadian pension fund Ontario Municipal Employees’ Retirement System (OMERS) bought around 19.36% in Azure Power Global Ltd.

There is a growing interest in Indian green energy space, amid growing focus on environmental, social and governance (ESG) investing. At COP-26 summit in Glasgow, India announced its plans to increase non-fossil fuel power generation capacity to 500 GW by 2030. 

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According to the Central Electricity Authority, by 2030, the country’s power requirement would be 817GW, more than half of which would be clean energy, and 280GW would be from solar energy alone.

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