Azure Power to build 120MW ISTS wind farm in Karnataka
Azure Power said that it has secured a letter of award (LOA) for a 120MW ISTS wind farm in Karnataka from Solar Energy Corporation of India (SECI).
The Indian renewable power producer, which is listed on the New York Stock Exchange (NYSE) as AZRE, will supply power from the wind farm to SECI for 25 years at a tariff of INR 2.70 per kWh.
The wind farm in Karnataka is part of the 1.2GW ISTS Tranche – XI tender from SECI. It will be built within a period of 18 months from the execution of power purchase agreement (PPA), said Azure Power.
Azure Power to build 120MW ISTS wind farm in Karnataka. Photo courtesy of Markus Distelrath from Pixabay.
Ranjit Gupta — MD and CEO of Azure Power said: “This is a significant milestone in Azure’s journey as the leading renewable energy player in India.
“We have secured our first step in diversifying our presence in the renewable spectrum in India and it positions us well to add to our addressable market while we build scale in this segment on the back of strong management experience and Azure’s long history of execution.”