Azure Power bags a 130MW solar project in Maharashtra

Azure Power has won a 130MW solar power project which was recently auctioned by Maharashtra State Electricity Distribution Company Limited (MSEDCL), 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 (PPA) 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 & 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.