Azure Power, India's leading independent solar power producer, has announced a long term financing of USD 70.35 million by Export Import Bank of the United States for its solar power plant at Nagpur, Rajasthan.
The plant is an expansion of Azure Power's existing 5 Mega Watts (MW) Nagpur PV facility to 40 MW, making it the largest solar power plant to be developed at a single location under the National Solar Mission. The construction of the plant has commenced and it is expected to be operational by February 2013.
The project demonstrates Azure Power's cost leadership & continuous push towards grid parity for solar power in the line with the objectives of the National Solar Mission. Azure Power's first project in Punjab sells power at INR 17.91/k Wh, followed by its Gujarat project that sells power at INR 15/k Wh.
Last December Azure Power commissioned its plant under JNNSM Ph-I Batch-I in Rajasthan that sells power at INR 11.94/k Wh. The additional capacity at this project continues the drive toward grid parity and will sell power at INR 8.21/k Wh to NVVN. Azure Power expects to reach solar grid parity by 2017.
Azure Power had commissioned the 5MW Nagpur plant in December last year. The 40 MW solar plant set up over 346 acres of wasteland will have a positive impact on the social & economical development of the local community. it will generate reliable power & generate income for the community through local employment for construction, installation, security & maintenance of this facility.
Once fully operational, this solar plant will reduce carbon emission of upto 66,000 metric tonnes per year or in other words the equivalent of removing about 12,000 cars off roads per year.
The solar PhotoVoltic (PV) project in Rajasthan is the first project under JNNSM Phase-I Batch-II to tie-up financing. The 40MW project will be the largest project at a single location under the National Solar Mission. Azure Power is on the track to complete investment of INR 1000 Crore in the Indian solar sector by March 2013.
Solar PV |
News published on 28 / 05 / 2012 by Bharat Vasandani