Azure dips in Indian sun
Revenue charge helps reduce third quarter loss for solar developer
Indian solar developer Azure Power made a net loss of Rs136.1m (€1.7m) in three months to 31 December, an improvement on the same period last year when the loss stood at Rs514.3m.
The company said revenue growth of 83% in the third quarter, up to Rs1739.9m from Rs948.8m in 2016, was the main reason for the lower loss.
The rise in revenue was primarily driven by the commissioning of new projects, Azure Power said.
The company had almost 1.6GW of capacity operational at the end of 2017, an increase of 509MW from the end of 2016.
It added that revenue for the nine months to 31 December was up 90% on the previous year at Rs5441.6m from Rs2865.4m in 2016.
Electricity output at the company's facilities grew 105% to 855 million kilowatt-hours in first three quarters of the year, an increase of 438 million kWh from the same period in 2016.
Azure expects its 40MW Uttar Pradesh and 50MW Andhra Pradesh projects to be complete by the end 2018 fiscal year.
However, the government’s transmission interconnections are likely to roll over into the next fiscal year, it added.
Image: Azure Power