06 January 2017 Current Affairs: Solar power producer Azure Power today announced commissioning of a 150 MW solar power project in Punjab last month which is its largest in North India.
For this project, Azure Power had signed a solar power implementation agreement with Punjab Energy Development Agency (PEDA) under its Solar Policy Phase III.
According to the statement, the 150 MW solar power plant represents a portfolio of three projects of 50 MW each. The weighted average tariff on these projects is Rs 5.63 per kWh or unit and the company will supply power to Punjab State Power Corp for 25 years.
Spread across 713 acres, the project was commissioned ahead of the contracted scheduled date. By leasing project land, Azure Power has created discretionary long-term cash flow for the local community.
The solar power plant will help in electrifying the nearby areas and create an estimated 1,000 jobs in the locality.
Founder and Chief Executive Officer, Azure Power, Inderpreet Wadhwa said, "We are pleased to have started 2017 with the early commissioning of our largest project.
Starting with the 2 MW project in 2009, Azure Power now has a total solar portfolio of 225 MW in the state, currently making it the largest owner and operator of solar power plants in Punjab.