Azure Power has commenced the construction of a 100 MW solar
project at the Kurnool Ultra Mega Solar Park in Andhra Pradesh. The project is
expected to be commissioned by June 2017.
project is part of the 1,000 MW auctioned by NTPC under National Solar
Mission (NSM) Phase-II Batch-II Tranche-I in December 2015 for the Kurnool
Ultra Mega Solar Park. The power purchase agreements (PPAs) were signed between
NTPC and Azure in March 2016, at a tariff of Rs.5.12
(~$0.0754)/kWh for a 25-year period.
The project is being developed under Domestic Content
Requirement (DCR) category, as the auction was conducted before the World
Trade Organization ruling, calling for scrapping of DCR category in
auctions as it found that India’s
localization rules discriminate against U.S. manufacturers.
Azure is speeding up installation activity after its recent
fundraising activities, including pre-initial public offering (IPO), IPO and concurrent
private placement. Azure Power recently raised close
to $130 million through its IPO and a concurrent private placement.
According to Mercom’s India
Solar Project Tracker, Azure Power has a utility-scale solar portfolio of 969
MW, out of which 340 MW are in-operation and 629 MW under various stages of