Azure bags US$400 million over summer despite Indian solar financing challenges

Facebook
Twitter
LinkedIn
Reddit
Email
Bridge to India has said that private banks and non-banking finance companies are also unwilling to finance renewable energy projects at present. Credit: Azure Power

Indian solar developer Azure Power has had a hugely successful period of raising financing, but consultancy firm Bridge to India has said that the overall domestic PV sector is facing hard times in raising debt finance.

Azure raised more than US$400 million from equity and debt financings since 30 June 2018. This included US$185 million raised in its first public follow-on offering on the New York Stock Exchange that closed in 10 October as well as various project debt financings and short-term debt facilities.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The financing will be used to progress the company’s PV pipeline of more than 2GW. Azure said this pipeline has a weighted average tariff roughly 17% higher than the lowest solar bid in the Indian market.

The backing came despite a tough climate in the overall Indian sector. Bridge to India, in its weekly release, noted: “Liquidity in the Indian financial system has dried up considerably pushing up cost of debt finance by 1.0-1.5% over last year.”

Moreover the consultancy said that private banks and non-banking finance companies are also unwilling to finance renewable energy projects at present and problems could remain for another 6-8 months at least. It added that the worst affected players are likely to be smaller IPPs and developers.

Hardening and rising interest rates have also impacted the industry for some time now.

Inderpreet Wadhwa, founder, chairman and CEO, Azure Power, said: “The recent financings were done against a challenging economic backdrop, but at the same time this is a testament to the quality of assets that we are developing and the strength of the solar platform that we have built.”

Azure’s follow-on offering attracted support from several investors including La Caisse de dépôt et placement du Québec (CDPQ), International Finance Corporation Global Infrastructure Fund (IFC GIF) and International Finance Corporation (IFC).

Earlier this month, Azure Power secured finance for a 200MW PV project at Bhadla in Rajasthan that it won in a January auction.

Read Next

June 2, 2025
Arctech has partnered with ACME Cleantech Solutions to provide 175MW worth of solar trackers for an upcoming facility in Duqm, Oman.
May 30, 2025
Waaree Solar Americas – a subsidiary of Indian solar manufacturer Waaree Energies – has signed a 586MW solar module supply agreement with an undisclosed independent power producer (IPP).
May 29, 2025
Singapore-based engineering firm Sembcorp has received a letter of award from Indian public sector power company SJVN for 150MW of solar power and a 300MWh battery energy storage system (BESS).
Premium
May 29, 2025
PV Talk: Global Solar Council CEO Sonia Dunlop tells Shreeyashi Ojha why the solar industry needs collective action to combat political and supply-chain disruption.
May 28, 2025
The expansion is 100% compliant with the Indian government's requirement of Bureau of Indian Standards (BIS).
May 28, 2025
QIC, one of Australia’s largest infrastructure fund managers, has completed an AU$2 billion refinancing and equity raise for Pacific Energy.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece