Azure Power announced it has won a 160MW solar power project in Uttar Pradesh at the highest tariff in a recent auction conducted by the Uttar Pradesh New & Renewable Energy Development Agency. Azure Power will sign a 25-year power purchase agreement with Uttar Pradesh Power Corporation Limited, at a tariff of INR 3.55 (~US 5.2 cents) per kWh, ~45% higher than the lowest tariff bid for a solar project in India. The project is expected to be commissioned in 2019 and developed outside a solar park.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, "We are pleased to announce our win in Uttar Pradesh, and with this we have once again demonstrated our strong project development, engineering, and execution capabilities. We are delighted to make this contribution towards realization of our Hon'ble Prime Minister's commitment towards clean and green energy, through solar power generation."