Indian independent power producer (IPP) Azure Power has received a letter of award (LOA) for its first 150MW interstate transmission system connected (ISTS) solar-wind hybrid project with the Solar Energy Corporation of India (SECI).
The project will require the deployment of 100MW of solar and 50MW of wind capacity within 18 months of signing the power purchase agreement (PPA).
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The contract is to run for 25 years at a fixed tariff rate of INR2.35/kWh (US$0.032c/kWh) and forms part of the 1.2GW ISTS ‘Hybrid Tranche – IV’ tender from SECI.
“Following up on our first wind project win, we have secured yet another important milestone with our first solar-wind hybrid project with SECI,” said Ranjit Gupta, CEO of Azure Power.
“With this win, we are confident of maximising our growth potential with the remarkable opportunities that we have in the Indian renewable energy market.”
In April, Azure sold its rooftop solar business to Radiance Renewables in a deal worth US$73.5 million, which Azure said would allow it to refocus efforts on more profitable areas, specifically utility-scale solar project development.
Since then, the company has returned to profitability as is on track to increase its operating solar capacity by at least a third this fiscal year.