Azure Power Grabs 100 MW Solar Power Capacity In Fresh India Auction
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It is raining solar power auctions in India, so much so that it is becoming difficult to even track the auction results.
Results of a fresh auction under the National Solar Mission were announced recently, with one of the leading solar power project developers, Azure Power, securing 100 MW of the total 150 MW capacity allocated. The tender was one of several issued by India’s largest power generation company, NTPC Limited, under the National Solar Mission.
The auction was part of the Domestic Content Requirement, in which project developers are required to use solar panels and equipment manufactured in India. The projects will be built in Andhra Pradesh, where NTPC is planning to set up large-scale solar power parks.
Azure Power secured the rights to develop 100 MW capacity at a bid of Rs 5.12/kWh (US¢7.88/kWh). The remaining 50 MW capacity was allocated to Prayatna Developers, a subsidiary of Adani Group.
The bids are at a 10% premium to the lowest successful bids placed by two different companies in recent auctions. SunEdison secured 500 MW capacity and SBG Cleantech won 350 MW capacity, both in Andhra Pradesh in two separate auctions. Both the companies are free to source solar panels and other equipment from other countries. The companies placed bids of Rs 4.63/kWh (US¢7.12/kWh) which is the lowest-ever tariff for solar photovoltaic power projects in India.
Azure Power has announced a target to set up 11 GW solar power capacity over the next 5-7 years and has been among the most active participants in several solar power auctions since the launch of the solar power market in India in late 2000s.
Azure Power boasts to have commissioned the largest solar power project (100 MW) under the National Solar Mission central government auctions. Recently, the company also secured 150 MW capacity under an auction of the state of Punjab. Azure Power secured the rights to develop the capacity at a bid of Rs 5.63/kWh (US¢8.66/kWh).
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