Azure Power, a solar power producer in India, announced it has tied-up approximately US$ 470 million financing for its projects to be commissioned in 2017.
This is one of the largest financing done till date in the Indian solar sector.
With this tie-up Azure Power’s cumulative financial commitment to the solar sector in India has crossed over US$ 1 billion.
Azure Power tied-up approximately US$ 161 million as part of its pre-IPO, initial public offering and concurrent private placement recently.
Further, the company tied-up approximately US$ 309 million for the project finance of its 450+ MW large-scale utility as well as commercial and industrial solar power projects in the states of Karnataka, Punjab, Andhra Pradesh, Uttar Pradesh and Delhi.
Inderpreet Wadhwa, founder and chief executive officer, Azure Power said, the proceeds will be used for organic growth and to continue development of solar power plants in India.
Azure has a portfolio of over 1000 MW solar power plants, in both utility and commercial sectors.
Rajani Baburajan
editor@greentechlead.com