Indian developer Azure Power secures 2 GW solar project through much-criticized manufacturing-linked tender

The NYSE-listed developer must establish a total 500 MW of annual cell and module manufacturing capacity as part of the deal and has agreed with an Indian panel producer to jointly develop the production lines with Azure holding a majority stake in the enterprise. The developer has an option to double up to 4 GW of project capacity within the next four days.

Azure has landed itself 2-4 GW of new project capacity.

Image: Azure Technologies

New Delhi-based Azure Power has secured a Solar Energy Corporation of India (SECI) award to develop a 2 GW solar power project as part of the nation’s long-running manufacturing-linked capacity tender.

NYSE-listed Azure secured the deal after agreeing to acquire a majority stake in an Indian solar panel manufacturer in order to fulfill the tender requirement to establish a total 500 MW of annual cell and module manufacturing capacity.

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Source: pv magazine