Azure Power secures US$20 million OPIC loan

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The proceeds of the loan will be used to develop 19MW worth of new PV rooftop projects across multiple states in India. Image: Azure Power

Indian solar power producer Azure Power announced Tuesday that it has agreed to a long-term, low-cost debt financing facility of US$20 million with the US government’s finance organisation — the Overseas Private Investment Corporation (OPIC).

The US$20 million loan will run for 15 years at a cost of capital of 4.74%. The proceeds of the loan will be used to develop 19MW worth of new PV rooftop projects across multiple states in India.

Inderpreet Wadhwa, founder and chief executive officer of Azure Power, said: “Azure has unique rooftop solar power solutions for distribution companies in cities across India and industrial/commercial consumers to lower their current energy bill and meet their renewable purchase obligations in an environmentally friendly manner. We are pleased to announce our extended partnership with OPIC which will continue to allow us to help consumers lower their energy bills.”

Azure has a long relationship with OPIC, as the finance institute previous funded Azure Power’s first PV plant in Punjab back in 2009.

The OPIC is not the first financial group to fund PV projects in India this week, as the Asian Development Bank announced that it is issuing US$500 million to pay for PV rooftop systems across India.

Read Next

May 5, 2021
SHV Energy, a Netherlands-based liquified petroleum gas (LPG) distributor, has acquired a majority stake in Indian solar developer SunSource Energy.
April 30, 2021
Solar manufacturers that plan on setting up integrated, higher capacity plants in India will be given preference in the country’s new production-linked incentive (PLI) programme.
PV Tech Premium
April 8, 2021
After a challenging year, India’s solar sector stands primed for something of a rebound. But a host of familiar issues, from the perilous state of DISCOMs to regulatory uncertainty, run the risk of stymying future growth. Vinay Rustagi, managing director at consultancy Bridge to India, talks to PV Tech about the future prospects for Indian solar.
April 8, 2021
Tata Power Solar has expanded its PV manufacturing facility in Bengaluru, India, taking the total production capacity of modules and cells to 1.1GW.
April 6, 2021
Indian solar power producer Azure Power has sold its rooftop solar business to Radiance Renewables as the company aims to focus more on projects with higher returns.
April 1, 2021
Norwegian independent power producer Scatec is looking to collaborate with project developers in India as part of efforts to gain a foothold in the country’s burgeoning solar sector.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021