Azure Power Wins 300 MW in 1.2 GW ISTS SECI Solar Auction

With this win, Azure has 1.2 GW of Inter-State Transmission System sovereign credit off-take projects in pipeline Azure has confirmed Letter of Awards and interconnection approvals in place for over 1.2 GW projects

Tariff is 5.7% higher than the lowest bid in the market, offtake with AA+ domestic debt rated sovereign entity Azure Power, a leading solar power producer in India, announced it has received a letter of award (LOA) for a 300 MW solar power project through an auction conducted by Solar Energy Corporation of India (SECI), a Government of India enterprise and a company with an AA+ domestic debt rating by ICRA, a Moody's Company. With this win, Azure Power has one of the largest Inter-State Transmission System (ISTS) pipeline of projects with sovereign counterparties in India and 86% of the company's overall pipeline is with strong counterparties that have domestic debt ratings that are A or higher. Azure Power expects to sign a 25-year power purchase agreement with SECI to supply power at a tariff of INR 2.58 (~US 3.7 cents) per kWh, which is 5.7% higher than the lowest bid in the market. The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020.