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Azure Power Wins 250 MW Solar Power Project with AAA Rated NTPC

Business Wire India

  • Allocated 100% of the total capacity in a recent auction by NTPC Vidyut Vyapar Nigam (NVVN)
  • Over 580 MWs of high quality solar projects won recently increasing Azure Power’s portfolio by over 50%

Azure Power (NYSE: AZRE), a leading independent solar power producer in India, announced that it has won a 250 megawatt (MW) solar project in an auction conducted by NTPC Vidyut Vyapar Nigam (NVVN). NVVN is a wholly owned subsidiary of the Government of India’s largest power utility, National Thermal Power Corporation (NTPC), which received a AAA debt rating from CRISIL, a Standard & Poor’s Company. Azure Power will provide power to NVVN at a tariff of INR 3.14 (~US$ 0.05) per kWh for 25 years and the solar PV project(s) can be located anywhere in India, which will be outside a solar park. With this win, Azure Power will now be the largest provider of solar power to AAA-rated NTPC and its subsidiaries.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “Our long history of superior solar power operations with NTPC Vidyut Vyapar Nigam right from the inception of National Solar Mission has contributed to our success of procuring the one of the largest solar power contract auctioned by NTPC. We are delighted to make a contribution towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”

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