Azure Power is planning to capitalize about $3.7 billion by the end of financial year 2024-25, the company said in an investor meeting.
According to its capex projection, it will make investment in a range between $2.6 billion and $3.7 billion from 2020-21 to 2024-25, with the utmost being $9 billion in FY21.
The New Delhi-based firm also said it is not arriving into manufacturing but has affiliated with Waaree Energies for 500 MW capacity and closed dialogs with another manufacturer for another 500 MW.
“Our total equity investment in manufacturing is totalling less than one per cent of total capital expenditure,” it said.
The company is also taking cost cutting initiatives to drive lower capex. It added that it has withdrew 450 MW of contracts which did not meet minimum thresholds and is in deliberations to exit another 150 MW of projects that do not meet minimum return thresholds.
Azure Power had lately won a 4-GW project to develop grid-connected solar generation capacity, expected to be commissioned by 2022 and completed by 2025.
“We have received a Letter of Award for a total of 2 GW of solar power projects and 500 MW of manufacturing facility of cells and modules, and an exercised greenshoe option for an additional 2 GW projects and 500 MW of manufacturing...,” the company informed investors.
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