Azure Power announced that it has received the letter of award (LoA) for a 2GW interstate transmission (ISTS) solar power project with Solar Energy Corporation of India (SECI) for a greenshoe option as part of an earlier 2GW win with SECI.
According to the greenshoe LoA, Azure will supply power for 25 years at a tariff of ₹2.92 (approximately US 3.9 cents) per kWh. The project also comes with a 500 MW cell and module manufacturing capacity requirement and Azure Power intends to partner with a domestic manufacturer for this requirement.
“With this award, we will have a large pipeline of over 4 GW for an extended period of time which will help us drive efficiencies in our project execution and operations,” said Ranjit Gupta, Chief Executive Officer, Azure Power.
“Partnering with domestic manufacturers of solar PV modules in India as part of the project will help propel India’s solar cell and module manufacturing sector into becoming a global leader,” Gupta added.
With this LoA, Azure Power has secured a total of 4GW as a part of an auction won in December which is considered one of the largest solar projects ever awarded globally.
As per the official statement by the company, the entire project will provide electricity to about 8.5 million residents annually, create about 15,000 jobs and avoid approximately 200 million tonnes of carbon emissions over the life of the project, which is equivalent to avoiding approximately 2GW capacity of coal-fired capacity.
