Azure Power sees Indian solar pipeline swell following SECI option

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
One of Azure's existing projects in Rajasthan. Image: Azure Power.

Azure Power has seen its pipeline of interstate transmission solar in India swell by another 2GW after a greenshoe option in an existing contract with Solar Energy Corporation of India (SECI) was exercised.

The independent power producer confirmed yesterday (23 July 2020) that it had received a letter of award for 2GW of additional ISTS solar power, acting as an extension on a previously-awarded contract for the same capacity.

Azure will now deliver 4GW of utility-scale solar to be developed anywhere in India, under 25-year tariffs with SECI at a price of INR2.92 (US$0.039) per kilowatt-hour.

The deployment of that pipeline is to be staggered in annual phases of 1GW. The first project commissioning is slated for 2022, with Azure expecting full commissioning of the 4GW capacity under contract by 2025.

Azure also noted that the power purchase agreements signed with SECI waive all ISTS transmission charges and provide greater protections from curtailment.

However the contract has required Azure to enter into a 500MW cell and module manufacturing capacity commitment in India, and the company has confirmed it intends to partner with an existing domestic manufacturer to satisfy that stipulation.

Ranjit Gupta, chief executive officer at Azure Power, said the award of a sizeable pipeline to be developed over an extended period of time would allow the company to drive greater efficiencies from within its project execution and operation teams.

“This project is also a significant step towards India’s commitment to battle climate change and to reduce carbon emissions signed under the Paris Climate Change Agreement. 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,” he said.  

Read Next

PV Tech Premium
January 25, 2022
European solar power purchase agreement (PPA) prices can be expected to level off this year following a turbulent end to 2021 as the market undergoes a shift in the balance of power to the seller side.
January 25, 2022
Indian PV encapsulant and backsheet manufacturer RenewSys has brought its encapsulant production capacity up to 3GW with the commissioning of a new line in Bengaluru, India, with the company eventually targeting 11GW of capacity through a “phased manner”.
January 24, 2022
Renewables developer and operator Leeward Renewable Energy has signed power purchase agreements (PPAs) with telecom company Verizon for a portfolio of four under-development solar and wind plants in the US with a combined capacity of 640MW.
January 24, 2022
The year has gotten off to a frenetic start, with plenty of news from the global solar and energy storage sectors to digest on the January 2022 episode of the Solar Media Podcast.
January 21, 2022
India is at risk of a supply and demand mismatch for solar equipment if domestic PV manufacturers are unable to meet the quantity and quality required by project developers, Fitch Solutions has warned.
January 21, 2022
US solar installer SunPower is to be hit by a cracking issue discovered in connectors associated with equipment installed in some commercial and industrial (C&I) projects, resulting in charges of around US$31 million.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal