Renewable energy project developer, Azure Power will set up its100 MW solar power project in one of the largest solar parks in the world, Pavagada
Azure Power has announced the closure of a $58 million solar power project in Pavagada, Karnataka. It will install its100 MW solar power project in the solar park that is being developed by the Karnataka Solar Power Development Corporation Limited (KSPDCL).
The leading energy project developer had secured the project in KSPDCL’s auction in March 2018 at a tariff of Rs.2.93 per kWh (kilowatt hour). Inderpreet Wadhwa, founder, Azure Power had informed about the finalisation of the deal. He said that the company would be contributing to the country’s ‘Clean and green energy’ vision with the support of solar power generation.
Azure power projects
The developer has lined up around 1 GW of large-scale solar projects and about 1.9 GW project is in the under-development phase. It recently had finalised a 200 MW solar power project of $ 88 million in Bhadla, Rajasthan that was auctioned by Solar Energy Corporation of India (SECI). It is likely to be commissioned in 2019.
Azure Power has informed that its rising revenue, which stood at $ 35.4 million from $ 27.36 million in 2017 was determined by the commissioning of its new projects. It had, however, planned to draw around $135 million from several development finance institutions to fund its rooftop solar photovoltaic (PV) projects of 200 MW.
