Azure to set up 15 MW solar power plant in Gujarat
October 29th, 2010

Ahmedabad : Leading independent power producer Azure Power today announced an investment of 40 million dollars in Gujarat for developing a state of the art solar power plant.

The investment is led by OverseasPrivate InvestmentCorporation (OPIC), an agency of United States that helps US businesses invest overseas and promotes economic development in new and emerging markets. Other investors in the project include IFC, a member of WorldBank group, Helion Advisors, a venture capital firm based in Bangalore, and Foundation Capital, a venture capital firm based in Menlo Park, California.

Azure Power has signed a 25 year power purchase agreement with the state of Gujarat. The project is expected to be commissioned by mid 2011. Once fully operational the plant will employ most advanced solar photovoltaic technology while eliminating as much carbon dioxide pollution as 2.5 million trees would annually, official sources here said.

Azure Power has already operationalised India’s first private MW scale solar power plant in Punjab in December 2009.

Suresh Kumar, Assistant Secretary, US Department of Commerce said, ”The potential for solar energy in India is huge and the Azure Power project is a good example of US-India collaboration for the development of the solar energy sector. I am excited to see job creation in both India and the US through US investment and technology exports for the Azure Power project.” Speaking on the occasion, D J Pandian, Gujarat Principal Secretary for Energy and Petrochemicals, said, ”We are encouraging development of solar power and we expect to make Gujarat the hub of solar power development in India. We have set up a target of 1,000 Mw established solar power generation capacity by the end of 2012 and 3,000 Mw in next five years. We are very pleased to see the progress and commitment made by Azure power in this sector and are happy to welcome them to the state of Gujarat.”

Source – UNI

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