COVID-19: No impact on operating projects, says Azure Power

Azure Power Global, a New Delhi-based independent solar power producer, has recently said that their operating projects have not been impacted due to the COVID-19 pandemic.

The New York Stock Exchange-listed firm added that they are comfortable with their revenue and operating megawatt guidance for financial year 2019-20 (FY20) and FY21. For FY20, the revenues are expected to be between ₹12,900 million to ₹13,000 million, in line with guidance of ₹ 12,770 million to ₹13,350 million. It added that 1,808 MW was operational.

“Our plants remain fully operational during the recent lockdown in India as electricity generation is designated as an essential service in the country. There have not been any cases of coronavirus reported by our employees as of April 10, 2020,” Azure Power said in a statement announcing its operational and financial updates.

The firm added that it had been receiving payments towards electricity supplied from all their customers in normal course and that there has only been minor curtailment of plants, as of date 10 April 2020.

“There has been significant reduction in electricity demand in India and DISCOMs are reporting delay in payments from their customers. We have received force majeure notices from various DISCOMs stating their inability to perform their obligations under the terms of the PPA due to COVID-19,” the firm said.