Solar power producer Azure Power has announced that it has received a letter of award (LOA) for a 2 Gigawatt (GW) interstate transmission (ISTS) solar power project with Solar Energy Corporation of India (SECI) to supply power for 25 years at a tariff of Rs 2.92 per kWh.
The project can be developed anywhere in India and is expected to be commissioned in annual phases of 500 MW each.
With first commissioning expected by 2022 and full commissioning by 2025.
The power purchase agreement (PPA) allows for waiver of ISTS transmission charges and improved protections from curtailment.
As part of LOA, company can elect in the next 5 days to double the capacity allocated as part of a greenshoe option.