Azure Power

Delhi-based developer Azure had bid for a 2 GW project on a single site – plus 600 MW of manufacturing capacity – as part of a much-hyped national 10 GW manufacturing-linked tender. The government has decided to reject the bid because it says the quoted price is unreasonable.

Only three bidders have come forward for huge manufacturing-linked solar and solar-wind hybrid procurement exercises. The separate auctions – originally intended to drive 12.5 GW of new generation and 5 GW of manufacturing capacity – prompted figures of just 3.05 GW and 600 MW, respectively.

The developer will supply energy to India’s largest utility under a 25-year PPA and can build the project anywhere in the nation, with construction to finish in early 2021.

Azure Power has raised the capital since June 30th, and says it is “the largest amount of financing raised by a solar power company in India during this period”. Azure says the fund leaves it well positioned to deliver a 2 GW project pipeline.

Azure Power has announced the early closing of a financing deal worth INR 4 billion (around US$58 million) for a 100 MW solar plant in the Indian state of Karnataka; and INR 6 billion (around $88 million) for a 200 MW solar power plant in Rajasthan. It also signed 415 rooftop solar PPAs in Madhya Pradesh.

Azure Power has been awarded a 130 MW solar PV project by the Maharashtra State Electricity Distribution Company Limited (MSEDCL). It is expected to be commissioned in 2019.

Indian energy company Azure Power recently announced that it has connected a 50 MW PV project in the Indian State of Andhra Pradesh. The company states that the completion of this project brings its portfolio of operational solar assets past the 1 GW mark.

Azure power has won a 200 MW solar PV project to be developed at the Bhadla Solar Park in Rajasthan, in an auction conducted by the Solar Energy Corporation of India (SECI).

As of September 30, 2017, Azure power has 1,381 MW operating & committed, an increase of 35% over September end 2016. Revenue for the second quarter was INR 1,823.8 million ($27.9 million), an increase of 104% over the quarter ended September 30, 2016. The company’s adjusted EBITDA for the quarter was INR 1,499.5 million (US$23.0 million), an increase of approximately 167% over the fiscal second quarter 2017.

The Indian clean energy developer secures yet another contract to expand the electrification of Indian Railways using solar power.