Azure Power to Enhance Solar Power Capacity

Azure Power intends to construct approximately 100 MW of solar energy capacity during the coming three to five years. To this end, the company is presently undertaking initial discussions with various industrial houses as well as mobile phone operators for offering commercial solar power. Azure is planning to invest around INR1,500 crores towards this project.

The company is currently producing 1 MW of solar energy from its Punjab plant while another 1 MW is expected to be added in about a month. Azure Power is also under the process towards adding 25 to 30 MW of solar energy as well in other Indian states. The company has already initiated talks with a major telecom player for delivering solar power. Upon the successful implementation of this agreement, Azure Power would be installing solar panels atop the telecom company’s towers towards facilitating mobile companies in saving costs, more particularly in rural areas.

In March 2010, Azure Power had raised INR46.47 crores ($10 million) from International Finance Corp, a World Bank arm. The company has also been funded partly by Foundation Capital and Helion Venture Partners. In addition to the 2-MW facility in Punjab, Azure Power is currently establishing a plant with 10 MW capacity in Gujarat, while another 10-MW capacity plant each in Rajasthan and Karnataka is under construction along with 2-MW capacity plant in Haryana.