Azure Power has signed an expression of interest with the Karnataka government to develop solar, wind, and hybrid renewable energy projects with a combined capacity of 1,700 MW. A total of Rs 133 billion has been committed to be invested. Azure Power owns and operates about 2,900 MW of renewable energy assets across India.
In March 2022, Azure Power announced the completion of a 300 MW solar power plant (Rajasthan 8). The said project is connected to the inter-state transmission system, and was allotted by the Solar Energy Corporation of India (SECI). The plant is located in Bhadla, Rajasthan, and the power generated is supplied to SECI at a rate of Rs 2.58 per kWh for a period of 25 years.
In the same month, the Cabinet of Karnataka state government approved the Karnataka Renewable Energy Policy for the years 2022-2027. According to the policy, Karnataka will have a renewable power generation capacity of 10 GW in the next five years. Rooftop solar alone is expected to account for at least 1 GW by 2027. Several renewable energy parks, including some hybrid ones, will be built in Karnataka. The initiative aims to make Karnataka a manufacturing hub for renewable energy equipment. By expanding power generation, the government also intends to export large amounts of renewable energy to other states.