The Solar Energy Corporation of India (SECI) has awarded Azure Power with a contract to develop 50 MW of rooftop solar in India.
Azure Power will be developing rooftop projects across 10 Indian states and union territories to electrify government buildings and institutions. “This 50 MW allocation is the largest rooftop allocation by SECI to a solar power developer, approximately 14 percent of the total allocated capacity of 360 MW announced,” stated an Azure Power release. The SECI is also providing capital incentive to develop these rooftop solar projects.
Azure Power will develop the rooftop solar projects in Chandigarh, Chhattisgarh, Delhi, Haryana, Kerala, Odisha, Punjab, Rajasthan, Uttar Pradesh and West Bengal. The company stated that it will sell power at a tariff range of ₹3.19 – 3.97 (~$0.05- 0.06)/kWh based on location. The capital incentive by SECI is expected to result in a weighted average levelized tariff of ₹4.65 (~$0.07)/kWh.
According to the company, Azure Roof Power has a diversified customer base with majority portfolio contracted with Government of India backed entities. The company’s customers include large commercial real estate companies, a leading global chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation, Indian Railways, Delhi water utility company and various Government of India Ministries.
According to Mercom’s Q2 2017 India Solar Quarterly Market Update, Azure Power had around 24 MW of installed rooftop solar capacity and about 75 MW in the pipeline.
Recently, Azure Power also won bids to develop 46 MW of rooftop solar for the Indian Railways. The projects will be spread across 11 Indian states. In August, the company proposed it will issue and raise around $500 million (~₹32 billion) from the sale of bonds to overseas investors.
Azure is expected to become one of the top rooftop installers in the country once the projects in pipeline are commissioned.
Image credit: Azure Power
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.