Azure Power Monday said it has signed a memorandum of understanding (MoU) with the Rajasthan government to develop a 1,000 MW solar power project.
The power plant is the largest capacity project won under the ambitious Jawaharlal Nehru National Solar Mission -Phase II (JNNSM) which was launched by the central government in 2010 to generate 20,000 MW of solar power by the end of the 13th Five Year Plan in 2022.
With this project, the company has become the largest private solar investor in Rajasthan with a total investment capital over Rs.1,300 crore. The total power generation capacity for the company under JNNSM presently is at 142 MW.
The company is already building a 100 MW solar power plant in the state stated to be commissioned by April 2015.
"Azure has been successful in bringing the power cost from Rs.17 (per unit) in 2009 to Rs.5.45 with viability gap funding in 2014. We hope this trend will continue to achieve grid parity in the near future," company chairman H. S. Wadhwa said.
Spread across 725 acres of land at Hardhani and Nandia Kalan in Jodhpur, the plant will electrify 100,000 households and create an estimated 1,500 jobs in the area. The project is expected to be completed before April 30, 2015.