Azure Power reaches 2GW of operational solar despite module supply issues

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image: Azure Power.

Azure Power overcame module procurement challenges to end its third quarter with 1,987MW of operational solar capacity, a 10% increase year-on-year.

This jump helped the independent power producer post operating revenues of US$48.2 million (+15.6% YoY) for the three months ended 31 December 2020. While the India-based firm recorded a net loss of US$14.9 million due to stock appreciation rights expenses, this was an improvement on the US$18.6 million loss in the year-ago quarter.

Despite progress developing its pipeline, the company has struggled to source solar modules. It was revealed by COO Murali Subramanian in a conference call with investors that “whilst we have overcome many challenges and the level of construction activity has continued to increase, new supply constraints have arisen.”

He said the firm has been able to navigate delays by leveraging its size and large backlog to secure modules, but nonetheless “getting modules remains a real challenge”.

As of December 2020, Azure’s operating and committed solar capacity is 7,115MW, an increase of 1,815MW year-on-year. The committed capacity includes 4,000MW for which it has received letters of award, but not signed power purchase agreements.

Subramanian said the company has maintained a focus on improving its operations through a range of adjustments. “In this fiscal year, we increased our block sizes, reduced the amount of cable needed by using junction boxes, and designed larger table sizes with reduced spacing,” he said. “We have seen our yields improve as we increase the adoption of string inverters and aluminum cables and implement dry cleaning robots to prevent dust build-up, improving our efficiency.”

He added that the IPP is planning to test the integration of battery storage at some PV plants and is working on development opportunities for solar-plus-wind hybrid projects.

Read Next

May 13, 2021
Spanish tracker manufacturer Soltec saw its revenue and earnings tumble in the first quarter of the year, citing delays in PV project development due to higher raw material costs that have led to increased module prices.
May 11, 2021
Spain’s Solarpack was affected by pandemic-related project delays in Chile during a first quarter, in which it saw its net profit shrink 95% year-on-year to €300,000.
May 10, 2021
Spanish energy company Acciona plans to carry out an initial public offering (IPO) of its renewables unit before the end of June despite recent volatility among Spanish green energy stocks.
May 7, 2021
German agriculture group BayWa has said its renewables business saw an “unusually strong” start to the year, driven by high demand for solar modules and the sale of a PV plant in Japan.
May 6, 2021
Independent power producer has Opdenergy has postponed an initial public offering (IPO) just days before its shares were due to start trading on the Spanish stock exchanges.
May 5, 2021
SHV Energy, a Netherlands-based liquified petroleum gas (LPG) distributor, has acquired a majority stake in Indian solar developer SunSource Energy.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021