Azure Power receives LoA for 2,000 MW ISTS solar project

Azure Power has received the letter of award (LOA) for a 2,000 MW interstate transmission (ISTS) solar power project with Solar Energy Corporation of India (SECI) following the exercise of a greenshoe option as part of an earlier 2,000 MW win with SECI.

Under this greenshoe LOA, Azure will supply power for 25 years at a tariff of Rs 2.92 (US 3.9 cents) per kWh. The project also comes with a 500 MW cell and module manufacturing capacity requirement and Azure Power intends to partner with a domestic manufacturer for this requirement. The combined capacity for the project is 4 GW which can be developed anywhere in India and is expected to be commissioned in staggered annual phases of 1 GW with the first commissioning expected by 2022 and full commissioning by 2025. The PPA allows for the waiver of ISTS transmission charges and improved protections from curtailment.

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