Azure Power wins 150 MW solar project in Punjab

Azure Power announced on Thursday that it has signed a 150 MW solar power project agreement with the Punjab Energy Development Agency (PEDA) under the third phase of the state's Solar Policy.

"Azure Power has signed 150 MW of solar power implementation agreement with PEDA under its Solar Policy Phase III," a company statement here said.

A total of 1,650 MW of bids were submitted by 18 companies for the total tender capacity of 500 MW, the power from which will be procured by the Punjab Power Corporation, it said.

This is Azure Power's fifth consecutive win in Punjab, making it the largest operator in the state with a total of 225 MW capacity under various stages, the statement added.

Speaking on this occasion, founder and chief executive Inderpreet Wadhwa said: "We are the longest tenured private solar power operator in the country. We have won 150 MW at Rs.5.63 a unit."

In June, Azure Power commissioned the largest solar power project under the National Solar Mission (NSM) - a 100 MW plant in Rajasthan. The company is also the recipient of largest allocation of viability gap funding under the NSM, the statement added.