Investorideas.com
Search  Follow Investorideas on Twitter  Investorideas is on Facebook  Investorideas is on Google Plus  Investorideas is on Youtube  Investorideas is on Pinterest  Investorideas is on tumblr  Investorideas is on LinkedIn  Investorideas RSS 


Investorideas podcasts on iTunes, Google Play Music and iHeart.com


Azure Power (NYSE: $AZRE) Commissions a 50 MW NTPC #Solar Project in Uttar Pradesh

 

NEW DELHI - September 22, 2017 (Investorideas.com Newswire) Azure Power (NYSE: AZRE), a leading independent solar power producer in India, has announced that it has commissioned the final phase of its 50 megawatt (MW) solar power plant in the state of Uttar Pradesh. The 50 MW project is spread across 300+ acres of land.

Azure Power will provide power for 25 years at a tariff of INR 4.78 (~US$ 0.07) per kWh to NTPC, the largest power utility of the Government of India. NTPC received a AAA debt rating from CRISIL, a Standard & Poor's Company. Azure Power secured the 50 MW PPA through an auction under the National Solar Mission Phase II, Batch-II Tranche I.

Uttar Pradesh is the most populous state in India and has a large peak energy supply deficit, according to the Central Electricity Authority. In addition, CRISIL projects that over 10 million unelectrified households will be connected by 2019. Azure Power is one the largest solar developers in Uttar Pradesh and built the first utility scale solar project in Uttar Pradesh in 2015.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, "With the commissioning of this plant, we have once again demonstrated our strong project development, engineering, and execution capabilities. We are delighted to make a contribution towards the realization of our Hon'ble Prime Minister's commitment towards clean and green energy, through solar power generation. Our sincere gratitude to NTPC and the state of Uttar Pradesh for all the cooperation and support extended."

About Azure Power

Azure Power (NYSE:AZRE) is a leading solar power producer in India with a portfolio of over 1,000 MWs across 22 states/union territories. With over 150 MWs of high quality solar rooftop assets, the company has one of the largest rooftop portfolios in the country. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes, from utility scale to rooftop, since its inception in 2008. Highlights include the construction of India's first private utility scale solar PV power plant in 2009 and the implementation of the first MW scale rooftop project under the smart city initiative in 2013.

For more information, visit: www.azurepower.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's future financial and operating guidance, operational and financial results such as estimates of nominal contracted payments remaining and portfolio run rate, and the assumptions related to the calculation of the foregoing metrics. The risks and uncertainties that could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in the commercial and retail prices of traditional utility generated electricity; changes in tariffs at which long term PPAs are entered into; changes in policies and regulations including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; its limited operating history, particularly as a new public company; its ability to attract and retain its relationships with third parties, including its solar partners; its ability to meet the covenants in its debt facilities; meteorological conditions and such other risks identified in the registration statements and reports that the Company has filed with the U.S. Securities and Exchange Commission, or SEC, from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and the Company assumes no obligation to update these forward-looking statements.

Contacts

Azure Power
Investor Contact
Nathan Judge, CFA, Investor Relations
ir@azurepower.com

Media Contact
Samitla Subba, Marketing
pr@azurepower.com
+91-11- 4940 9854


RenewableEnergyStocks.com: investing ideas in renewable energy stocks

Like Renewable Energy Stocks? View our Renewable Energy Stocks Directory

Get News Alerts on Renewable Energy Stocks


More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.


Questrade Democratic Pricing - 1 cent per share, $4.95 min / $9.95 max



Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner