Benzinga | Oct 22, 2021 05:03PM EDT

Azure Power Wins 120 MW ISTS Project With Solar Energy Corp. Of India

Azure Power (NYSE:AZRE) announced that it has received the letter of award (LOA) for its first wind project, 120 MW ISTS project with Solar Energy Corporation of India (SECI) to supply power for 25 years at a tariff of INR 2.70 ( 3.6 cents) per kWh. The project is part of the 1,200 MW ISTS Tranche -- XI tender from SECI and shall be constructed in Karnataka, within a period of 18 months from the signing of Power Purchase Agreement (PPA).

Speaking on this occasion, Ranjit Gupta, MD and CEO, 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."