Azure Power project commissions grind to a stop as COVID attacks

• Azure Power's project appointing task ground to a stop in the three months finished 30 June 2020, as the impacts of COVID-19 were really felt strongly in India.

Yet there might be much better information for the independent power manufacturer moving on following a doubling in its operating as well as fully commited project pipe, which now stands at more than 7GW.

Coverage its results for the Q1 2020/21 fiscal duration, Azure Power validated that there was "no substantial commissioning" task that occurred during the quarter, with just 1MWac/ 3MWdc having been appointed during the 3 months.

This was settled entirely with the ongoing COVID-19 pandemic, which remains to be felt strongly in Azure's essential market. The company did, however, state that it continued to be positive that it will hit modified appointing dates, with a flurry of task expected. Regardless of construction activity enhancing, Azure said, it had yet to get to pre-COVID or predicted degrees for this moment of year.

India has actually experienced a perhaps postponed beginning from the unique coronavirus contrasted to other solar markets, yet it has not been any type of less serious for project growth. Brand-new evaluation released today by Mercom discloses that simply 205MW of new solar capability was mounted in India across all sectors in the three months finished 30 June, the most affordable quarter for deployment in the nation because 2014.

The group's operating ability got to 1,809 MW as of 30 June 2020, up 12% year-on-year. Yet its operating as well as dedicated pipeline-- which includes projects that have contractual dedications to develop-- topped 7,115 MW, greater than double the figure as of Q1 2019/20. That number does consist of around 4GW of projects for which Azure has actually received Letters of Award, yet power purchase agreements with Solar Energy Corporation of India (SECI) have yet to be authorized.

Generation for the quarter stood at 883.9 million kWh, up 26% year-on-year based upon new enhancements to its portfolio as well as improved possession performance. This assisted revenue edge up 16% year-on-year to INR3,940 million (US$ 52 million), nonetheless internet earnings totaled up to just INR46 million (US$ 0.6 million) owing to a US$ 3.5 million charge associating with debt refinancing.