The story of Azure Power investing in Solar Energy in Gujarat and Solar-as-a-service
Monday, March 22, 2010 Leave a Comment
The story of investments in Gujarat solar energy continues with the newest companies Azure Power planning investments in tune of INR 255 crore in Gujarat. The company has proposed 15 MW (cost of 1 MW is expected to be INR 17 crore). The site location is Dahegam near Gandhinagar. The company has also identified 75 acres of land near the site which would be sufficient for the solar power generation plant. The company is planning a stage-wise expansion in Gujarat with 50-60 MW of solar capacity in next three years.
Now something about the company. Azure Power is an independent solar power producer and is the first private sector company to implement a megawatt scale grid connected solar photo-voltaic power plant in India. It has already implemented a 2 MW plant in Punjab distributing solar energy to 20,000 people in 32 villages. It has already secured a USD 10 million (~INR 46 crore) investment from International Finance Corporation (IFC).
The important point as discussed previously is that many Indian companies are entering in the solar energy space in India esp. Gujarat. Most MNC companies are still in the planning stage while Indian companies are already in implementation stage. Also most of the smaller companies are targeting PV and thus small-scale projects. Also, the concept of Solar as a service is rising in India. Many industrial companies have to manage their own captive power plants. Companies such as Azure power are already tapping on this market with providing end-to-end solutions for such industrials. This can be a very important cue point for entrepreneurs/ companies planning to invest in solar energy in India.