Azure Power secures US$470 million for Indian solar projects

Facebook
Twitter
LinkedIn
Reddit
Email
Azure Power's cumulative financing for India's solar sector has now exceeded US$1 billion. Source: Azure Power

Azure Power, one of India’s largest independent power producers, has secured US$470 million in financing for projects to be commissioned in 2017.

US$161 million was secured as part of the company’s pre-IPO, IPO and private placement. The remaining US$309 million was tied-up for the financing of its utility-scale solar PV projects across various Indian states, totalling more than 450MW.

“The tie-up of one of the largest financing for pure play solar PV projects is a testament to our track record of strong project development, engineering and execution capabilities,” said Inderpreet Wadhwa, founder and CEO of Azure Power, in a statement. “We intend to use the proceeds to grow organically and to continue development of solar power plants in India. We are also delighted to make this contribution towards realization of our Hon'ble Prime Minister's commitment towards clean and green energy, through solar power generation.”

Azure Power, whose stock tumbled on its New York Stock Exchange debut, said that this is one of the largest financing deals done in the Indian solar sector to date. It brings Azure’s cumulative financing in the Indian solar sector to more than US$1 billion.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.
11 October 2022
PV CellTech Extra will be held as a series of live webinars and on-demand sessions on 11-13 October 2022. We'll be taking a slightly further forward-looking view at the technologies and roadmaps for new cell architectures set to dominate mass production during 2023-2025 with special emphasis on the potential timelines for technologies beyond the single-junction cell design, including perovskite and hybrid concepts.

Read Next

September 23, 2022
India’s government has approved the second round of the production-linked incentive (PLI) scheme to incentivise domestic solar PV module manufacturing.
September 22, 2022
Tech major Amazon has expanded its renewables portfolio globally with 71 new projects with a total capacity of 2.7GW.
September 20, 2022
Private equity firm KKR and Hero Group have invested US$450 million in Indian independent power producer (IPP) Hero Future Energies (HFE) to support its renewables expansion.
September 14, 2022
US utility-scale service provider Borrego has launched a new solar and battery storage procurement marketplace and optimisation solution called Anza.
September 14, 2022
Despite “breakthrough” renewables growth across Southeast and Eastern Europe, the Caucasus and Central Asia in recent years, more needs to be done to boost deployment and reduce the region’s reliance on Russian energy imports.
September 14, 2022
Tata Power Solar Systems has received a “letter of award” of INR5.96 billion (US$75 million) from NHDC to set up a 125MWp floating PV project in India.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)