Oct 29 2010
Azure Power, a producer of solar power energy, will invest nearly $40 million in the state of Gujarat, India to manufacture a 15 MW solar photovoltaic power facility. Azure has inked a power purchase agreement with the state for 25 years for the project, which is anticipated to be commissioned from the middle of 2011.
Azure commented that the facility, when fully functional, will utilize sophisticated solar photovoltaic technology and eradicate CO2 pollution. Overseas Private Investment Corporation, which is an agency of the U.S. Government, is funding the solar photovoltaic power project. The project also incorporates other investors such as Helion Advisors, a firm based in Bangalore and the International Finance Corporation, which is an associate of the World Bank group.
The Chief Executive Officer of Azure, Inderpreet Wadhwa, stated that the company is pleased to work with the Gujarat government for the project. D J Pandian, Gujarat’s Principal Secretary for Energy and Petrochemicals added that the government is aiming to generate 1000 MW of solar power by 2012 end and 3000 MW in the forthcoming five years.