Azure closes financing for 300 MW of PV, signs 415 PPAs

Azure Power has announced the early closing of a financing deal worth INR 4 billion (around US$58 million) for a 100 MW solar plant in the Indian state of Karnataka; and INR 6 billion (around $88 million) for a 200 MW solar power plant in Rajasthan. It also signed 415 rooftop solar PPAs in Madhya Pradesh.

October 4, 2018 Becky Beetz

Azure Power is one of India's leading IPPs with both utility-scale and rooftop solar projects.

Image: Azure Technologies

The Indian IPP has closed a total of INR 10 billion worth of financing for two large-scale solar projects totaling 300 MW, ahead of schedule.

In the state of Karnataka , Azure Power closed INR 4 billion of financing for a 100 MW project, awarded in an auction held by the Karnataka Renewable Energy Development Ltd.

The system will be installed at the Pavagada Solar Park, which when complete, will total 2 GW of solar capacity. It is being developed by the Karnataka Solar Power Development Corporation Limited (KSPCL).

As of March, 600 MW had been commissioned, and 1,400 MW were under construction. It is expected to be completed by this December.

Overall, Azure Power said its solar portfolio in Karnataka – India’s leading solar state, with 12.3 GW of installed capacity – stands at 250 MW. No further project details were shared.

In Rajasthan, meanwhile, the company has closed financing worth INR 6 billion for a 200 MW solar plant in Bhadla. The project, won through an auction conducted by Solar Energy Corporation of India (SECI), is set to come online in 2019.

Azure said it has a portfolio totaling 1 GW with SECI.

On October 1, the company also signed “a record” 415 power purchase agreements (PPAs) for rooftop solar capacity it was awarded in September by Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL). Of the 11.2 MW of available capacity, Azure says it secured over 90%.

“With over 200 MWs of high quality, operating and committed solar assets across 23 states, Azure Roof Power has one of the largest rooftop portfolios in the country,” it said in a statement released at the time.

Again, no further details were divulged.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.