Azure Power (NYSE: AZRE), an independent solar power producer, has achieved financial closure for a 200 MW grid-connected solar photovoltaic (PV) project to be developed in the Bhadla Solar Park, Rajasthan.
Per the firm it closed a financing deal of ₹6 billion (~$88 million) for its 200 MW solar power project in Bhadla, Rajasthan ahead of schedule. The project is likely to be commissioned in 2019.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “We are pleased to announce the closing of financing for our 200 MW plant in Bhadla. This financing is a testament to our strong financing, project development, engineering and execution capabilities. We are delighted to make this contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”
According to Mercom’s India Solar Project Tracker, Azure had quoted a tariff of ₹2.48 (~$0.0388)/kWh to develop the project. This was part of the 250 MW solar projects that was auctioned in December 2017.
Azure has been bidding to win projects and this was its second below ₹3/kWh. In September 2017, Azure won 260 MW in the GUVNL auction with a bid of ₹2.67 (~$0.0417)/kWh.
In June 2018, the company announced raising $135 million in debt financing from a consortium of development finance institutions, to finance approximately 200 MW of Azure Power’s rooftop solar photovoltaic (PV) projects across India.
Azure’s total revenue in the first quarter of FY19 was ₹2,422.5 million (~$35.4 million), which was up 29 percent from ₹1,877.9 million (~$27.36 million) during the same period in 2017. The increase in revenue was primarily driven by the commissioning of new projects, according to the company.
Image credit: Azure Power