Azure Sunlight has borrowed $20 million for developing 19-megawatt solar rooftop capacity across India. US-based finance firm SAM Consultant facilitated the financing.
PTI reports quoting from a SAM statement that Azure will be using the funds to develop, finance, construct, operate and maintain the portfolio of rooftop solar generation systems across India.
The report adds that Azure Sunlight will be the equity owner of the portfolio of rooftop solar systems and will utilise $20 million loan from OPIC to cover debt on each individual project.
OPIC’s loan will be repaid using aggregate cash flows from the project. Azure Power India Private, the parent company of Azure Sunlight, will act as turnkey construction contractor as well as operations and maintenance provider.
Ajith Kumar S