Azure Power files for IPO to raise US$100 million

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Azure targets 1GW by 2018. Credit: Azure Power

India-based renewable energy firm Azure Power has filed for an IPO in the US in order to raise US$100 million, according to a New York Stock Exchange filing.

The company is targeting 520MW by the end of 2016 and 1GW committed or operating by the end of 2017. Longer term, it is targeting 5GW by the end of 2020.

As of 30 September Azure Power was operating 17 utility-scale projects and several commercial rooftop projects with a combined capacity of 242MW. This represented a compound annual growth rate, or CAGR, of 135% from May 2012.

Azure Power was also constructing 11 projects with a total capacity of 244MW with another 179MW committed.

The filing stated: “Our ability to achieve these goals will depend on, among other things, our ability to acquire the required land for the new capacity (on lease or direct purchase), raising adequate project financing and working capital, the growth of the Indian power market in line with current government targets, our ability to maintain our market share of India’s installed capacity as competition increases.”

Barclays is managing the IPO.

Read Next

July 23, 2021
Polysilicon manufacturer Daqo New Energy has completed its Initial Public Offering (IPO) of its main operational subsidiary Xinjiang Daqo New Energy on the Shanghai Stock Exchange’s Sci-Tech innovation board.
July 20, 2021
It is “unhealthy” for China to dominate solar manufacturing and production bases outside of the country are necessary to reduce the risk of supply chain disruptions, an Indian government official has said.
July 20, 2021
Vikram Solar has completed a new 1.3GW solar module manufacturing facility in Tamil Nadu, India, taking its total manufacturing output to 2.5GW.
July 13, 2021
Solar PV capacity in Asia Pacific could triple to 1,500GW by 2030, with China driving deployment and Indonesia set to be the region’s fastest-growing market, according to Wood Mackenzie.
July 13, 2021
Daqo New Energy has applied for an initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech innovation board (STAR Market).
July 9, 2021
German renewables asset operator Blue Elephant Energy has shelved plans for an initial public offering (IPO) after it secured a €75 million (US$88.8 million) cash injection.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021