Azure Power commissioned India’s first privately operated, utility-scale, solar power plant project in Punjab (2MW). The first megawatt scale grid connected solar project in India, was a 2MW project set up by the West Bengal Green Energy Development Corporation Ltd (WBGECL) out of which 1.2MW was commissioned on December 8,2009.
Since, Azure Power of India partnered with SunEdison to jointly develop and construct a 15 Megawatt (MW) photovoltaic solar power plant in Gujarat.
Azure Power had raised about $10 million (around Rs 45 Crore) capital in a Series B round in March from International Finance Corporation (IFC) in a series B round. Its other investors include Helion Advisors and Foundation Capital. Azure Power designs, finances, owns, and operates solar power plants.
Now, Azure Power, has announced plans to pump in around Rs 750 crore for solar power generation and equipment manufacturing in Gujarat over the next three years.
According to the report, Azure Power has selected Modasa area in Sabarkantha district to develop 15 Mw solar photovoltaic (PV) power project involving an investment of around Rs 215 crore. Apart from this, the company is also planning a solar power equipment manufacturing unit in Gujarat, for which it intends to infuse approximately Rs 300 crore.The proposed manufacturing unit will manufacture PV modules, structures and cables.
There has been a number of JV’s , new entrants, older players expanding, first time developers partnering with foreign partners in this fast emerging and rapidly developing eco-system with the impetus being provided by JNNSM. It will be interesting to watch how this eco-system shapes up and how they would influence the longer term policy for the second phase of JNNSM. Azure seems to be moving rapidly in this evolving ecosystem to consolidate its place.
A number of other significant moves in recent times include: XL Telecom’s JV with SDEM TEGA a part of the ST group of Spain for execution of engineering, procurement and construction (EPC) contract, EIL’s foray into the Solar energy sector with a tie up with Exergy Consortium (Exergy) to provide Lumpsum Turnkey (LSTK) EPC services for setting up MW sized grid connected Solar Farms, vertically integrated players like PLG Power Limited, Procon Energy systems and of course one of the oldest in India, Titan Energy Systems.