Azure Power Raises $135 Million to Develop 200 MW of Rooftop Solar Projects in India

The line of credit was led by International Finance Corporation


Indian renewable energy project developer Azure Power has raised $135 million in debt financing from a consortium of development finance institutions. The proceeds will be used to finance approximately 200 MW of Azure Power’s rooftop solar photovoltaic (PV) projects across India.

According to the company, “The line of credit was led by International Finance Corporation, a member of the World Bank Group and attracted the participation of leading institutions, including FMO – the Dutch development bank, Société de Promotion et de Participation pour la Coopération Economique (Proparco) – the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) – the development bank of Austria.”

Linda Broekhuizen, the chief investment officer FMO said in a media statement, “FMO is committed to making a positive impact on green financial development. Earlier, we had invested approximately $ 30 million in Azure Power, and this will be our second investment in the company, which is testament to FMO’s commitment to clean energy initiatives in India and our support of Azure Power.”

In the past year to date, Azure has been able to secure a series of orders for rooftop solar projects.

The company recently won a contract to develop 32 MW of rooftop solar PV projects for the Indian Railways at offices, buildings, and railway stations. In October 2017, the Indian Railways awarded Azure Power 20 MW of rooftop solar contracts and, in March 2017, the company won bids to develop another 46 MW of rooftop solar for railway company.

In February 2018, Azure announced its consolidated financial results for the third quarter of 2017-18, ending December 31, 2017. The company declared a revenue of ₹5,441.6 million ($ 85.3 million), a solid increase of over 90 percent from the ₹2,865.4 million generated during the same period in 2016. The increase in revenue was primarily driven by the commissioning of new projects.

According to Mercom’s India Solar Project Tracker, Azure has over 30 MW of solar rooftop installations currently.

Image credit: Flickr