At the Delhi International Renewable Energy Conference (DIREC), Azure Power announced that it is investing US$40 million in the Indian state of Gujarat for the construction of a 15MW solar PV plant. The investment is being led by Overseas Private Investment Corporation (OPIC), a U.S. Government agency, which is devoted to helping U.S. businesses invest abroad and encourage economic development in new and emerging markets. Additional investors include IFC, World Bank group and India and Foundation Capital.
D J Pandian, Gujarat principal secretary for energy and petrochemicals said, “We are encouraging development of solar power in the state of Gujarat and we expect to make Gujarat the hub of solar power development in India. We have set up a target of 1,000MW established solar power generation capacity by the end of 2012 and 3,000MW in next five years. We are very pleased to see the progress and commitment made by Azure power in this sector and are happy to welcome them to the state of Gujarat.”
Azure signed a 25-year PPA with Gujarat, with an anticipated completion of the solar power plant by mid-2011.
