Azure Power has received the letter of award (LOA) for a 2 GW interstate transmission (ISTS) solar power project with Solar Energy Corporation of India (SECI) pursuant to the exercise of a greenshoe option as part of an earlier 2 GW win with SECI. Azure Power will supply power for 25 years at a tariff of INR2.92/kWh (US$3.9c/kWh). The combined capacity for the project is 4 GW, which can be developed anywhere in India. The 4 GW project will be developed in annual phases of 1 GW, with the first one expected by 2022 and the entire project fully operational by 2025.
In December 2019, the Solar Energy Corporation of India (SECI) selected Azure Power to develop 2 GW of solar power projects across India between 2022 and 2025. The PV projects will be deployed in 500 MW batches every year in locations yet to be defined and will be connected to the interstate transmission system (ISTS). SECI has contracted their power generation under a 25-year power purchase agreement (PPA) at a tariff of INR2.92/kWh, enabling Azure Power to avoid curtailment and to override ISTS transmission fees. Under the terms of the agreement, Azure Power will have to use 500 MW in domestic PV cell and module manufacturing capacity.
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