Azure Power Awarded Most Sustainable Company in Solar Industry

Azure Power has been awarded the Most Sustainable Company in the Solar Energy Industry by World Finance Magazine.

Azure Power, a leading solar power producer in India, has been awarded the Most Sustainable Company in the Solar Energy Industry by World Finance Magazine. The Independent Power Producer (IPP) received the award for its effective environmental, social and governance pillars, and operating their business while meeting sustainable needs.

The firm claims to have cut emissions, reduced water consumption and ensured that its physical waste is disposed of properly and with as little carbon footprint as possible. Over the years, the developer has avoided over 5.2 million tons of CO2 equivalents since inception, realised 50 percent savings last year in water consumption per unit of electricity generated and created over 4,300 local jobs since inception in the remote communities it operates in.

Through its corporate social responsibility (CSR) efforts, the firm has made a positive impact on the communities they operate in and improve livelihood among rural households through various activities around the thematic areas of skill development, water, and education. Their core values of honesty, excellence, entrepreneurship and social responsibility reinforce the approach to providing energy in a sustainable way.

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Commenting on this award, Ranjit Gupta, Chief Executive Officer, Azure Power said “for us, sustainability is the essence of our business and lies at the heart of our value proposition. At Azure, we continue to work towards sustainable economic development across our communities to contribute to a better society.”

World Finance has introduced sustainability awards to businesses that have shown admirable commitment to sustainability and are making the business world a much greener place.

Recently, we had reported that the developer had received the letter of award (LOA) for a 2 GW interstate transmission (ISTS) solar power project with Solar Energy Corporation of India (SECI) pursuant to the exercise of a greenshoe option as part of an earlier 2 GW win with SECI. Under this greenshoe LOA, Azure will supply power for 25 years at a tariff of Rs 2.92 per kWh. The project also comes with a 500 MW cell and module manufacturing capacity requirement and the firm intends to partner with a domestic manufacturer for this requirement.

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The combined capacity for the project is 4 GWs which can be developed anywhere in India and is expected to be commissioned in staggered annual phases of 1 GW with the first commissioning expected by 2022 and full commissioning by 2025.