Azure Power to invest Rs 1.5k cr in solar projects

Written by Noor Mohammad | Noor Mohammad | New Delhi | Updated: Sep 9 2010, 05:35am hrs
Azure Power plans to invest Rs 1,500 crore over the next five years to develop solar power projects. The company is looking for sites in Haryana, Gujarat, Rajasthan, Punjab and Karnataka, the company's top executive said.

We plan to develop 100-mw solar power generation capacity by 2015 with an estimated investment of Rs 1,500 crore, Azure Power chief operating officer Inderpreet S Wadhwa said. Azure Power has set up a 1-mw solar power plant in Punjab which supplies electricity to Punjab State Electricity Board (PSEB) under a long-term power purchase agreement. The company is developing another, similar-sized project in the state, which is expected to be commissioned in a month's time.

In Gujarat, it is setting up a 10-mw solar power project, which would be perhaps India's largest solar generating station when commissioned by the end of next year.

The company has planned to set up a 10-mw project in Karnataka and another project of 5-mw capacity in Haryana. Our target is to add 50 mw generating capacity by 2012 and are looking at Karnataka and Haryana, Wadhwa said. For the Karnataka project, the company has identified two possible sitesBagalkhot and Bangalore.

Besides Karnataka and Haryana, Rajasthan is also on the company's radar screen.

Azure has sourced equipment for its initial projects from US-based suppliers but now it is looking to procure from domestic suppliers like Moserbaer as well is in a bid to expand its vendor base.