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Azure Power Secures LOI for 2 GW Greenshoe Solar Option

Power News - Published on Mon, 27 Jul 2020

Image Source: Azure Power Solar
Leading solar power producer in India Azure Power announced that it has received the letter of award for a 2 GW interstate transmission solar power project with Solar Energy Corporation of India pursuant to the exercise of a greenshoe option as part of an earlier 2 GW win with SECI. Under this greenshoe LOA, Azure will supply power for 25 years at a tariff of INR 2.92 per kWh. The project also comes with a 500 MW cell and module manufacturing capacity requirement and Azure Power intends to partner with a domestic manufacturer for this requirement.

The combined capacity for the project is 4 GWs which can be developed anywhere in India and is expected to be commissioned in staggered annual phases of 1 GW with the first commissioning expected by 2022 and full commissioning by 2025. The power purchase agreement (PPA) allows for the waiver of ISTS transmission charges and improved protections from curtailment.

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Posted By : Yogender Pancholi on Mon, 27 Jul 2020
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