Azure Power to Develop 1700 MW renewable energy projects in Karnataka

Sunil Gupta Assumes the Role of CEO & Group CFO at Azure Power

Azure Power has announced that it has signed an Expression of Interest (EoI) with Government of Karnataka to develop solar, wind, and hybrid renewable energy projects that will total to 1700 MW capacity.

Azure said that the total investment commitment is Rs 13,300 crore. Azure Power is one of the leading independent sustainable energy solutions provider and power producer in India.

The EoI was signed at the Windergy India 2022 event, between Azure Power and Government of Karnataka. The Karnataka government was represented by G Kumar Naik, Additional Chief Secretary to the state energy department.

Commenting on the announcement, Pawan Kumar Agrawal, CFO, Azure Power, said, “We are extremely pleased to sign the EoI with the Government of Karnataka. The state has been at the forefront of clean energy adoption and has one of the highest installed renewable energy capacity in the country. This EoI strengthens our commitment to develop high performing grid scale renewable energy assets in the state and contribute towards India’s decarbonization journey.”

Azure Power has also informed that it owns and operates about 2900 MW of renewable energy assets across India. It said that it has a significant presence in Karnataka also.

In 2009, Azure Power developed India’s first utility scale solar project. Since then, Azure has partnered with commercial and industrial customers also in their decarbonization journey of India by providing comprehensive solutions for their clean energy needs.

In January, 2022, Azure Power successfully commissioned its largest project- 600 MWs Interstate Transmission System (ISTS) connected solar project, allocated by Solar Energy Corporation of India (SECI) in Bikaner, Rajasthan. In February, Azure said that it had successfully refinanced its existing project finance facility of Rs 2,350 crore utilised towards construction of the project.

Just two days ago, the Board of Directors of Azure Power has accepted the resignation of its CEO Ranjit Gupta and COO Murali Subramanian and they stand removed from Azure. Meanwhile, Chairman of the Board of Directors – Alan Rosling – will oversee the company affairs.