Azure gets $70m Ex-Im Bank finance for 40MW Indian PV plant

Indian solar group Azure Power has secured $70.3m from the US Export-Import Bank (Ex-Im) to finance a 40MW PV project in Rajasthan, India.

Azure says the plant, at Nagaur, will be the largest PV project on a single site to be built under India’s National Solar Mission (NSM) programme.

It will be an enlargement of the power group’s existing 5MW facility at Nagaur, which was commissioned last year.

The 40MW plant will sell electricity at 8.21 rupees/kWh ($0.15/kWh) to NVVN, the body that contracts power under the NSM.

According to Azure, this reflects a steady fall in prices that is taking solar towards grid parity in India, which it expects to reach in 2017.

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