Azure Power, an Indian solar producer, has been awarded the right to build a 100 MW solar PV project in India at an auction held by Indian power generation company NTPC Limited.
Held as part of Indias ambitious National Solar Mission, the NTPC auction had a total project capacity of 1 GW, with Azure Power securing a favorable rate of INR 5.12/kWh ($0.08/kWh) for the solar plant, which will be constructed in the state of Andhra Pradesh.
This winning rate is 11% higher than the first two auctions priced in the same solar park, which were won by SunEdison and Japans SoftBank for a tariff of just INR 4.63/kWh ($0.07/kWh, but nevertheless represent a competitive strike price for India.
Azure Power beat nine other companies to secure the 100 MW project. A total of 150 MW was auctioned off during the tender, which was announced exclusively for PV projects that will use domestic solar cells and modules made in India as part of the government-backed Make in India campaign.
Popular content
We are proud to have successfully brought down the cost of solar power by almost 71% from INR 17.91/kWh to INR 5.12/kWh in this project, said Azure Power CEO and founder Inderpreet Wadhwa.
Azure Power has recently secured a further 150 MW solar project in the state of Punjab, securing the rights to develop with a winning bid of INR 5.63/kWh. The developer has also filed for a $100 million IPO on the New York Stock Exchange in recent weeks as it eyes funds for further expansion.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.