India's Azure Power announced last Thursday it has signed an agreement with Punjab Energy Development Agency (PEDA) in India for setting up of 150 MW solar power project. The company said in a statement:
"Azure Power has signed 150 MW of solar power (project) implementation agreement with PEDA under its Solar Policy Phase III."
This is the fifth consecutive win in Punjab, making Azure Power the largest owner and operator in the state with a total of 225 MW capacity under various stages, the statement added. Bids for 1,650 MW were submitted by 18 companies for the total tender capacity of 500 MW.
The power will be procured by the Punjab Power Corporation, which has been rated 'A+' by Indian rating firm ICRA. Azure Power Founder and CEO Inderpreet Wadhwa said:
"We have consistently demonstrated 100 percent win rate in the Punjab state auctions and are the longest tenured private solar power operator in the country. We have won 150 MW at Rs 5.63 per KWh (unit) while the lowest bid was Rs 5.09 per kWh," .
In June, Azure Power commissioned the largest solar power project under the National Solar Mission (NSM), a 100 MW plant in Rajasthan. It is also the recipient of largest allocation Viability Gap Funding under NSM.