Azure Power signs 600MW PPA with SECI under its 4GW projects

Azure Power signs its first PPAs for 600 MW capacity with SECI on the 4 GW manufacturing linked projects.

Solar Energy Corporation of India (SECI) and Azure Power signed Power Purchase Agreements today for 600 MW ISTS-connected solar power projects. The PPA has been signed under its 4 GW manufacturing-linked projects, which will provide power for 25 years at a fixed rate of INR 2.54 (~US 3.4 cents) per kWh. 

For this project, connectivity approval has already been received, and land has been identified and is under acquisition in Rajasthan, the state with the highest solar radiation in India. As per the agreement, the projects will be commissioned in Q3 of FY 2024.

Speaking on this occasion, Ranjit Gupta, MD and CEO, Azure Power said, “Continuing our communication regarding our progress with SECI on the 4 GW manufacturing linked projects, we are happy to announce the signing of our first PPAs for 600 MW capacity. This is a significant milestone, given the long wait. With things now falling into place, we are on our way to see our 4 GW pipeline turn into contracted capacity and help us realise significant value accretion for our stakeholders.” 

“We understand SECI is progressing to tie up Power Sale Agreements for further capacity in the tender and we expect to sign PPAs when the corresponding PSAs are in place. We remain committed to our policy to only take on contracts that create shareholder value and earn returns above our cost of capital,” he added further.

Azure Power is one of India’s leading independent renewable power producers. Incorporated in 2008, the company has been at the forefront of the industry as a developer, constructor, and operator of utility scale renewable projects. Azure Power manages the entire development and operation process for its customers in India, offering low-cost renewable power solutions.

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