Azure Power Receives LoA for 300 MW Project in SECI Auction

Azure Power has announced that it has secured 300 MW of Inter State Transmission System (ISTS) solar power project in SECI auction.

The company said in a declaration that “it has received a Letter of Award (L0A) for a 300 MW solar power ISTS project through a 1.2 GW auction conducted by Solar Energy Corporation of India (SECI)."

With this project, the company has a portfolio of 1.5 GWs of ISTS sovereign credit offtake projects, which is the largest such portfolio in the country.

Furthermore, the company is projected to sign a 25-year Power Purchase Agreement (PPA) with SECI to supply power at a tariff of Rs 2.54 (US 3.7 cents) per kWh

Azure Power said in a declaration that, the project is expected to be commissioned by 2021 and can be developed outside a solar park anywhere on pan India.

In the meantime, it has over 1.5 GWs of ISTS interconnection approvals in place which can trim development risk for its ISTS portfolio.

Remarking on the project win, the recently appointed Chief Executive Officer of Azure Power, Ranjit Gupta said, “Our long history of superior solar power operations with SECI has contributed to our success in winning this 300 MW project. Azure has a strong track record of winning projects in every ISTS auction conducted by SECI till date. This is a direct result of our strong project development and execution capabilities. We have secured ISTS interconnection approvals for over 1.5 GWs well ahead of schedule in some of the best sites in the highest solar irradiation locations, thus minimizing execution risk and maximizing returns.”