Azure Power bags 600MW deal in India's largest solar auction

The project will be commissioned by 2020.

Azure Power revealed that it has won a 600 megawatt (MW) solar power project through an auction conducted by Solar Energy Corporation of India (SECI).

The project is the largest solar auction in India and also the first Interstate Transmission System (ISTS) grid-connected solar PV project auctioned by SECI.

Azure Power expects to sign a 25-year power purchase agreement with SECI to supply power at a tariff of INR 2.53 (~US 3.9cents) per kWh, approximately 4% higher than the lowest bid in the same auction.

The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020.

The 600MW win, out of the total 2,000 MWs tendered in the auction, is the largest allocation of any solar auction in India. Azure Power’s total portfolio is spread across 23 states with approximate 80% of its operating or committed projects with counterparties that have domestic debt ratings that are A or higher.