Azure Power (NYSE: AZRE), a leading solar independent power producer in India, announced that it has won an additional 20 MWs of solar rooftop projects for Indian Railways, the largest rail network in Asia, owned and operated by the Government of India through the Ministry of Railways. With the new allocation of 20 MWs, Azure Power has become the largest supplier of solar power to Indian Railways with a cumulative awarded capacity of over 66 MWs which includes the 46 MWs of capacity won earlier this year. Azure Roof Power will be used to provide power for 25 years to various Indian Railway facilities across 17 states and union territories. The power will be sold at a tariff range of INR 3.64 - 4.49 (US$ 0.06- 0.07) based on location. In addition, Azure Power qualifies for a capital incentive from Indian Railways which is expected to result in a weighted average levelized tariff of INR 4.88 (~US $0.08) per kWh.
Azure Roof Power offers superior rooftop solar power solution for commercial, industrial, government, and institutional customers in cities across India to lower their energy bills and to meet their greenhouse gas (GHG) emission reduction targets. With over 150MWs of high quality, operating and committed solar assets across 20 states, Azure Roof Power has one of the largest rooftop portfolios in the country. Azure Power has a well-diversified customer base with the majority of the portfolio contracted with Government of India backed entities. Azure Roof Power customers include large commercial real estate companies, a leading global chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation, Indian Railways, a Delhi water utility company and various Government of India Ministries.
Commenting on the occasion, MrInderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “Azure Roof Power offers tremendous value to our customers across various segments. We are pleased to expand our Azure Roof Power platform with Indian Railways. With this win, we have once again demonstrated our strong project development 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.”
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