India-based independent solar power producer Azure Power Global reported new contract wins totalling 581MW in its fiscal second quarter of 2018, while revenue dropped and losses spiked, due to the issue of India’s first green bond in the quarter. 

Azure Power reported fiscal second quarter of 2018 revenue of INR 1,823.8 million (US$27.9 million), down from US$29.1 million in the previous quarter but an increase of 104% over the quarter ended September 30, 2016.

Net loss in fiscal second quarter was US$19 million, up significantly from US$3.2 million in the previous quarter, due to the one-time expenses related to the issuance of solar green bond. 

The company said it had commissioned 31MW of new projects in the reporting quarter, including 30MW commissioned in Uttar Pradesh under a 25 year PPA with AAA-rated NTPC at a tariff of INR 4.78 (~US$ 0.07(5)) per kWh.

Azure Power reported it had 803MW of operating PV power plants at the end of the quarter. Operating & committed megawatts were at 1,381MW, as of September 30, 2017 an increase of 35% over September 30, 2016 and up from 1,069MW, as of June 30, 2017.

Azure Power said that electricity generation during the six months ended September 30, 2017 increased by 306 million kWh, or 111%, to 581 million kWh, compared to the same period in 2016.

Total revenue during the fiscal first six months was INR 3,701.7 million (US$56.7 million), up 93% from INR 1,916.6 million during the same period in 2016.

The company reported that its project cost per megawatt operating for the six months ended September 30, 2017 decreased by INR 7.0 million (US$ 0.11 million) to INR 51.1 million (US$ 0.78 million), compared to the same period in 2016. The decline was said to due to PV module price declines and the overall reduction in BOS (balance of system) costs.

The company reiterated fiscal 2018 full-year revenue guidance of US$118 million to US$125 million. Operational PV power plants are expected to be in the range of 1.0GW to 1.2GW. Longer term goals are to achieve 5GW of operational PV power plants by December 31, 2020, according to SEC filings.