India’s Azure Power to invest $3.7 billion building 4GW of renewable capacity by 2024

first_img FacebookTwitterLinkedInEmailPrint分享ET Energy power producer, Azure Power, is planning to invest about $3.7 billion by the end of financial year 2024-25, the company said in an investor briefing. According to its capex forecast, it will make investment in a range between $2.6 billion and $3.7 billion from 2020-21 to 2024-25, with the highest being $9 billion in FY21.The New Delhi-based firm also said it is not entering into manufacturing but has partnered with Waaree Energies ‒ one of the largest solar manufacturers in India ‒ for 500 MW capacity and closed discussions with another manufacturer for another 500 MW.The company is also taking cost-cutting initiatives to drive lower capex. It added that it has exited 450 MW of contracts which did not meet minimum thresholds and is in discussions to exit another 150 MW of projects that do not meet minimum return thresholds.Azure Power had recently won a 4-GW project to develop grid-connected solar generation capacity, expected to be commissioned by 2022 and completed by 2025.“We have received a Letter of Award for a total of 2 GW of solar power projects and 500 MW of manufacturing facility of cells and modules, and an exercised greenshoe option for an additional 2 GW projects and 500 MW of manufacturing…,” the company informed investors.The New York Stock Exchange-listed company has an existing portfolio of 7,115 MW and an operational portfolio of about 1.8 GW — one of the largest in India’s solar industry.More: Azure Power to invest $3.7 billion to set up 4 GW capacity by 2024-25 India’s Azure Power to invest $3.7 billion building 4GW of renewable capacity by 2024last_img

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