Azure Power Connected <500 MW Solar In FY19

India’s Azure Power Commissioned More Than 500 MW Solar Power Capacity In FY 2019, Taking Cumulative Operational Capacity Beyond 1.4 GW
05:22 AM (Beijing Time) - 26. March 2019
azure PV plant

India's Azure Power commissioned more than 500 MW of solar power capacity in fiscal year 2019, adding over 250 MW in the last 3 months alone. (source: Azure Power)

Key Takeaways

  • Azure Power’s cumulative operational solar power capacity in FY 2019 has reached more than 1.4 GW
  • During FY 2019, it commissioned more than 500 MW capacity with over 250 MW coming online in the last quarter alone
  • Its utility scale projects in the country were commissioned ahead of schedule including 260 MW in Gujarat and 100 MW in Karnataka

Azure Power commissioned more than 500 MW of solar power capacity in fiscal year 2019, adding over 250 MW in the last 3 months alone. Now, the Indian independent solar power producer’s total operational portfolio has exceeded 1.4 GW, which it says makes it one of the largest solar portfolios in the country.

At the end of Azure’s Q2/2019 for the period ending September 2018, the company had guided for an operational capacity of 1.3 GW to 1.4 GW by March 31, 2019, with revenues between $143 million to $151 million (see Azure Revenues Up 29% In Q1/2019). The company hasn’t shared its revenue achievement for the period though; its FY 2019 will only end on March 31, 2019.

All of its utility-scale projects commissioned since the past fiscal year were assumed operations ahead of schedule, including 260 MW in Gujarat and 100 MW in Karnataka, it said. In Gujarat, Azure says it now has over 270 MW of capacity. Beyond these, it switched on a 40 MW project in Uttar Pradesh, 50 MW in Andhra Pradesh and more than 60 MW of solar rooftop projects.

In Q3/2019 (ending in December 31, 2018), the company reported a 40% annual increase in revenues which helped it pocket a net profit of INR 165.3 million ($2.4 million) (see Azure Power Revenues Improved 40% QoQ in Q3/2019).

Azure’s management recently announced the appointment of Pawan Kumar Agarwal as the company’s chief financial officer (see Azure Power CFO Change).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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