Indian solar developer Azure Power has secured US$135 million in debt financing for 200MW of rooftop PV projects across India from a consortium of development finance institutions.
The line of credit was led by International Finance Corporation, a member of the World Bank Group and included FMO – the Dutch development bank, Société de Promotion et de Participation pour la Coopération Economique (Proparco) – the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) – the development bank of Austria.
Inderpreet Wadhwa, founder, chairman and chief executive, Azure Power, said: “We are pleased to announce the largest solar rooftop financing in India. This financing will enable us to rapidly expand our Azure Roof Power platform in India and lower the energy bills of our customers by providing clean and sustainable solar energy. Rooftop financing in India remains challenging and this facility is a testament to our strong financing, project development, engineering and execution capabilities.”
Azure Roof Power, the firms’ rooftop unit, already has more than 190MW of solar assets across 23 states.
Azure Power recently surpassed 1GW of operating solar capacity, with the completion of a 50MW project in the state of Andhra Pradesh.