Azure Power to invest Rs 1,000 cr in capacity addition
Business LineShot in the arm: Mr Francisco J. Sanchez, Under-Secretary for Commerce for International Trade, US handing the Export Achievement Certificate to Mr Inderpreet Wadhwa, CEO of Azure Power, and his team at the ’SOLARCON INDIA 2011. — P.V. Sivakumar
HYDERABAD, NOV. 9: Azure Power, an independent power producer harnessing solar energy, is planning an investment of Rs 1,000 crore, which entails additional capacity of about 110 MW of solar power generation in Gujarat, Rajasthan and Karnataka.
This capacity would augment its existing installed capacity of 12 MW and five MW to be commissioned in Rajasthan by January 2012.
It has a 2 MW unit in Punjab close to the Pakistan border which serves about 32 villages locally and another 10 MW in Gujarat commissioned earlier this year.
The Chief Executive Officer of Azure Power, Mr Indrapreet S. Wadhwa, toldBusiness Line: “the company took up solar power generation even before the National Solar Mission was announced.
The first 2 MW unit set up in a remote place in Punjab, short of power has been playing a vital role in local farmers' lives. Since then, we have added a 10 MW plant in Gujarat.” The company, which has invested Rs 300 crore so far on solar projects, has secured funding from Helion Ventures, Foundation Partners, IFC and US Export Import Bank.
It has inked agreements with State Governments of Gujarat, Rajasthan and Haryana for 32 MW and is in talks for setting up additional capacities.
The company is targeting a total installed capacity of 67 MW by 2012 and 100 MW of solar power by 2014.
During the Solarcon India 2011, the US Commerce Department honoured Azure Power with export achievement award. The award was presented by Mr Francisco J. Sanchez, Under-Secretary of Commerce for International Trade, US Department of Commerce.