The Solar Energy Corporation of India (SECI) has signed Power Purchase Agreements (PPA) with Azure Power for 2,333 MW of inter-state transmission system (ISTS)-connected solar power projects in Rajasthan (India), as part of the 4 GW manufacturing linked projects awarded in 2019 and 2020. The projects will be commissioned in phases, with the first 1,000 MW expected by November 2024, 1,000 MW by November 2025 and the remaining 333 MW by November 2026.
In December 2019, the SECI selected Azure Power to develop 2 GW of solar power projects of 500 MW each across India between 2022 and 2025. SECI had contracted their power generation under a 25-year PPA at a tariff of INR2.92/kWh, enabling Azure Power to avoid curtailment and to override ISTS transmission fees. In addition, in July 2020, the SECI awarded another 2 GW ISTS solar power project to Azure Power, pursuant to the exercise of a greenshoe option as part of an earlier 2 GW win with SECI.
In addition, Azure Power has received a Letter Of Award (LOA) for a 200 MW wind-solar hybrid power project (133 MW solar and 67 MW wind) from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL); the company will supply power at a fixed tariff of INR 2.62/kWh (US$3.5c/kWh) over a 25-year period.
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