Azure Power to issue US$500 million solar green bond

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Azure Power plans to use the proceeds from the bond to refinance existing debt and for other generate corporate expenses. Image: Azure Power

Azure Power Energy, a wholly owned subsidiary of Indian independent solar power producer Azure Power Global, will issue an inaugural US$500 million green bond offering, maturing in 2022.

The bond has already been certified by the Climate Bonds Initiative. Azure Power plans to use the proceeds from the bond to refinance existing debt and for other general corporate expenses.

Inderpreet Wadhwa, founder, chairman and chief executive office of Azure Power, said: “The transaction is aimed at financing Azure Power’s existing and future eligible solar power projects which promote sustainability, whilst optimizing financial costs and diversifying sources of funding. Through this bond offering we are furthering our contribution towards realization of our Prime Minister’s commitment towards clean and green energy, through solar power generation.”

The bond is offered to eligible yield investors who have a specific mandate or portfolio for buying green bonds.

Earlier, Azure Power had alos been assigned an SP 1A rating – the top credit rating – by the ICRA, one of India’s leading rating agencies.

The World Bank’s IFC recently invested INR6.67 billion (US$103 million) in L&T Infrastructure Finance Company via green bonds to help finance solar PV in India.

Read Next

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.
June 28, 2021
Module and cell manufacturers in India will expand their production capabilities by 13.75GW for modules and 6.9GW for solar cells, according to research by JMK Research and Analytics
June 25, 2021
Indian conglomerate Reliance Industries will construct an integrated PV module factory and look to enable more than 100GW of solar by 2030 as part of a US$10.1 billion clean energy plan.
June 24, 2021
The cost of building and operating new utility-scale PV is now cheaper than running existing coal plants in China, India and across much of Europe. However, rising commodity prices could see PV projects become temporarily more expensive in the second half of 2021, according to BloombergNEF analysis.

Subscribe to Newsletter

Upcoming Events

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