Azure Power, an Indian solar power producer, has tied up with Overseas Private Investment Corporation (OPIC), to construct 19 MW new solar rooftop projects across multiple states in India.
OPIC, the U.S. Government’s development finance institution, will offer a long-term low cost debt financing facility of USD 20 million for 15 years at a cost of capital of 4.74%.
Commenting on this partnership, Inderpreet Wadhwa, founder and chief executive officer, Azure Power said, “Azure has unique rooftop solar power solutions for distribution companies in cities across India and industrial/commercial consumers to lower their current energy bill and meet their renewable purchase obligations in an environmentally friendly manner.”
Azure has had a long-standing relationship with OPIC, the finance institute had previously funded Azure Power’s first solar plant in Punjab in 2009, which is India’s first private grid connected solar power plant.
Rajani Baburajan
editor@greentechlead.com