Azure Power, an independent solar power producer in India, has been granted INR 678.3 (US$ ~10.5) million of low-cost debt financing through the SBI-World Bank: Grid Connected Rooftop Solar PV Program.
The loan is for 15 years with an interest rate of 8.35 percent per annum, one of the lowest interest rates availed by a solar power developer in the Indian solar sector to date, Azure Power said.
The loan will be utilized to scale Azure Roof Power, Azure Power’s solar rooftop platform.
With over 100 MWs of solar assets across 14 states, Azure Roof Power has one of the largest rooftop portfolios in the country. Azure Roof Power customers include large commercial real estate companies, a leading global chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation, Indian Railways and a Delhi water utility company.
Speaking on this occasion, Inderpreet Wadhwa, chairman, and chief executive officer, Azure Power said, “We are pleased to announce our partnership with SBI and World Bank which will enable us lower the energy bills of our customers by providing clean and sustainable solar energy. We are excited to expand our Azure Roof Power platform in India with the support of SBI and World Bank.”
Under the SBI-World Bank: Grid Connected Rooftop Solar PV Program, the World Bank and the International Bank for Reconstruction and Development (IBRD) approved a line of credit of $625 million to support the Government of India’s goal to expand rooftop solar to 40,000 MWs.