New Delhi: Azure Power, an independent power producer in solar energy, is targeting an investment of Rs 300 crore to set up about 20 MW power capacity under phase-I of the National Solar Mission (up to 2013).
“We are looking at a total investment of Rs 1,500 crore to set up 100 MW capacity by 2015. Out of this, an investment of Rs 300 crore for a capacity of 20 MW, is what we are targeting under the phase-I of the National Solar Mission,” Mr Inderpreet S. Wadhwa, Chief Executive Officer, Azure Power said.
PV projects
He told Business Line that the company will remain focused on solar photo-voltaic (PV) projects.
“We are not looking for any outside investments. We have already tied up our funds. The funding would be met through internal accruals, private equity, besides assistance from International Finance Corporation (IFC),” he said.
Photo-voltaic devices are arrays of cells containing a solar PV material that converts solar radiation into direct current electricity.
Under the phase-1 of the National Solar Mission, Azure proposes to make an expression of interest (EoI) for a 5 MW project in Rajasthan. The other States on the radar are Punjab, Haryana, and Karnataka.
NTPC Vidyut Vyapar Nigam (NVVN), which is the power trading arm of NTPC, has been designated as the nodal agency to purchase solar power generated by independent solar power producers, at rates fixed by the Central Electricity Regulatory Commission (CERC), and for a period of 25 years.
NVVN will procure the solar power from the project developers, and the developers offering the best discount on a tariff notified by the CERC will figure higher in the pecking order for the allocation of identified projects.
The tariff rate notified by the CERC for 2010-11 for PV projects is Rs 17.90/ unit.
In phases
The National Mission envisages implementation of solar programmes including utility grid solar power in three phases – first phase up to 2013 (1,100 MW), second phase up to 2017 (4,000 MW), and third phase up to 2022 (20,000 MW).
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