Azure Power, an India solar producer, has won a 150MW solar power project from Punjab Energy Development Agency’s (PEDA’s) Solar Policy Phase III, which offered a total of 1,650MW of solar project bids. Azure Power won the bid at INR 5.63/kWh while the lowest bid was INR 5.09/kWh.

Among the 1,650MW of solar bids released by PEDA for the Solar Policy Phase III, 18 companies submitted for totaling 500MW of projects. The power generated by these bided projects will be sold to the Punjab Power Corporation.

PEDA has allocated a total of 1,550MW of solar projects, and 14%, or 225MW, of them are signed by Azure Power, making the solar developer the largest owner and operator in Punjab. "We are delighted to make this contribution towards realization of our Honorable Prime Minister's commitment towards clean and green energy, through solar power generation," commented Mr. Inderpreet Wadhwa, Founder and CEO, Azure Power.

The bid secured by Azure Power was UNR 5.63/kWh, representing a 69% solar cost reduction from INR 17.91/kWh in 2009.

Modi, India’s Prime Minister, announced to deploy up to 100GW of solar capacity by 2022 in the nation. His government has also implementing policies to attract overseas investments in local pipelines, projects and manufacturing facilities.

Earlier this year, Azure Power commenced operation of a 100MW solar power plant in Rajasthan under the National Solar Mission.