Solar energy developer Azure Power has tied up with DLF to set up solar projects on rooftops of the builder's properties, mainly in Gurgaon, where the first smart grid is coming up.
The green energy developer is aiming at commissioned capacity of more than 1,000 MW spread across 15 states in the current financial year.
To boost rooftop solar plants, Haryana has made such projects compulsory in residential, industrial and government buildings.
"The company has contracted with several entities including Oberoi Hotels for installing rooftop plants in properties across states," Azure Power chairman HS Wadhwa said.
The company on Thursday inaugurated a 10 MW solar rooftop project spread over eight locations including fruit and vegetable market at Mohali developed by Punab Mandi Board.
Wadhwa said that the company's commissioned capacity will cross 1,000 mw by the end of the current financial year, a quarter of it in Punjab. An early bird to catch up with the domestic solar mission, Azure Power was the first to attain commercial grid-based solar project in 2009. At the time the company had entered the agreement with PSPCL at a tariff of Rs.17 per unit. The company was floated in 2007 by the US-based NRI Inderpreet S Wadhwa, who engaged with startups before returning to the country to join the green campaign.
Azure Power has no plans for operations beyond India, Wadhwa said. "Opportunities have come for global business but domestic scenario is more lucrative," he said.
The company had tapped into foreign funds including World Bank's International Finance Corporation, US-based venture capital firms including US Foundation Capital and Helion Venture Capital. "Availability of global funds bagged by the company has taken care of funding," Wadhwa said.