• The solar Photovoltaic (PV) project in Rajasthan is the first project under JNNSM Phase 1 Batch II to tie-up financing.
• The 40MW project will be the largest project at a single location under the National Solar Mission.
• US Export-Import Bank has approved USD 70.35 million financing for this project
• Azure Power is on track to complete investment of INR 1000 Cr. in the Indian solar sector by March 2013.
New Delhi, India May 25, 2012: Azure Power, India’s leading independent solar power producer, has today announced a long term financing of USD 70.35 million by Export Import Bank of the United States for its solar power plant at Nagaur, Rajasthan. The plant is an expansion of Azure Power’s existing 5 MW Nagaur PV facility to 40MW, making it the largest solar power plant to be developed at a single location under the National Solar Mission. The construction of the plant has commenced and it is expected to be operational by February 2013.
Talking about the project financing, Mr. Inderpreet Wadhwa, CEO, Azure Power said “Our partnership with US Exim bank is unmatched in the Indian solar industry. This investment enables the expansion of our Nagaur PV facility to 40MW, the largest solar PV project to be developed at a single location in India under the National Solar Mission. This is a great example of Indo-US cooperation in clean energy. And with this project we are committed to working towards meeting the grid parity objective of the National Solar Mission in India.”
The project demonstrates Azure Power’s cost leadership and continuous push towards grid parity for solar power in line with the objectives of the National Solar Mission. Azure’s first project in Punjab sells power at INR 17.91/kWh, followed by its Gujarat project that sells power at INR 15/kWh. Last December, Azure Power commissioned its plant under JNNSM Ph-I Batch-I in Rajasthan that sells power at INR 11.94/kWh. The additional capacity at this project continues the drive towards grid parity and will sell power at INR 8.21/kWh to NVVN. Azure Power expects to reach solar grid parity by 2017.
Azure Power had commissioned the 5MW Nagaur plant in December last year. The 40MW solar plant set up over 346 acres of wasteland will have a positive impact on the social and economic development of the local community. It will generate reliable power and generate income for the community through local employment for construction, installation, security and maintenance of this facility. Once fully operational, this solar plant will reduce carbon emissions of up to 66,000 metric tonnes per year or in other words the equivalent of removing about 12,000 cars off Indian roads per year.
About Azure Power:
Azure Power, a pioneer in the Solar Industry, has been at the forefront of developments in the sector since its inception in 2007. Azure Power is driving India’s economic development by delivering lowest cost clean energy to communities, governments, and commercial customers throughout India.
Azure Power's team has decades of experience building industry-leading companies, executing complex infrastructure projects, and financing high-growth enterprises. Azure Power delivers optimal solar energy by assuming all responsibilities and complexities for owning, building, and operating the power-generation project, while the customers enjoy all the economic and marketing benefits of renewable power.
Azure Power continues to demonstrate its commitment to inclusive growth through clean energy generation for grid connected, rooftop and off-grid initiatives pan India. Azure Power has several projects operating under various policies for grid connected, rooftops and off-grid systems in the country and has invested significant capital in its operating facilities in India.
For more information please visit www.azurepower.com