Dec 29 2010
Azure Power India, a New Delhi-based private venture, which designs, finances, owns and operates solar power projects and chosen by the Government of India to generate 5 MW solar power under the national policy, has declared its intentions to augment its power generation facility to 100 MW by the year 2013 by investing around $ 332 million.
According to Inderpreet Wadhwa, the company’s chief executive, the company has plans to start large sized solar projects in the country and will continue to take part in the solar programs initiated by the government. Without elaborating on the details, he said that the company will accumulate its investments in the mix form of equity and debt in India and from other foreign countries. Earlier in the past, the company had contracted business accords with companies such as SunEdison, MEMC Electronic Materials, and SunTech Power Holdings. It also has secured funding from International Finance, an arm of the World Bank Group and International Finance, a government body of USA.
The company currently builds 22 MW solar projects utilizing solar PV technology in Gujarat, Rajasthan and Punjab. The company is said to have chosen solar PV projects to avoid some of the inherent risks in executing solar thermal projects. The company currently imports solar modules from the USA and China and has plans to buy the modules from Indian manufacturers in future.