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.