The NYSE-listed company said in a statement that it has secured land and financing for this project.
The project was auctioned by the National Thermal Power Corporation (NTPC), Government of India’s largest power utility, under the National Solar Mission for a total capacity of 1,000 MW of solar power projects at Kurnool Ultra Mega Solar Park.
The solar park is being developed by the Solar Park Implementation Agency (SPIA) of the Andhra Pradesh Solar Power Corporation Ltd (APSPCL).
The tariff on the project will be INR 5.12/kWh (US $0.077) and the company will supply power to NTPC for a duration of 25 years. The project is expected to get commissioned by second quarter 2017.
Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power, said that the company has a portfolio of over 1,000 MW with an excellent record in setting up and operating solar power plants, be it utility scale or commercial rooftop projects.