Azure Power has signed power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for 600 MW ISTS connected solar power capacity as a part of its 4 GW manufacturing linked projects, which would deliver power for 25 years at a fixed cost of Rs 2.54 per kWh. The projects will be built in Rajasthan, for which connectivity approval has been granted and land has been located and is being acquired. According to the agreement, the projects will be completed in Q3 FY 2024.
Earlier this month, Azure Power had received the letter of award for its first 150 MW ISTS connected wind-solar hybrid power project with SECI to supply power for 25 years at a fixed tariff of Rs. 2.35 per kWh. The project is part of the 1,200 MW ISTS Hybrid Tranche – IV tender from SECI and will entail setting up of 100 MW of solar and 50 MW of wind capacity within a period of 18 months from the signing of PPAs.
Prior to this, Azure Power and Adani Green Energy Fifteen were declared winners in the Maharashtra State Electricity Distribution Company’s auction to procure 300 MW of power from grid-connected interstate and intrastate wind projects. Azure Power won a capacity of 180 MW at a quoted tariff of Rs 3.43 per kWh. Meanwhile, Adani Green Energy won a capacity of 120 MW with a quoted tariff of Rs 3.44 per kWh. MSEDCL issued the tender in August 2021, to meet its non-solar renewable purchase obligations (RPOs) and future power needs.