Azure Funding

This picture taken March 8 shows journalists and officials at the Azure solar power plant next to the closed Indraprastha power station site in New Delhi. The defunct Indraprastha power station in Delhi was closed in 2010 and a solar power plant was set up by Azure Power at the same site. (Money Sharma/AFP/Getty Images)

NEW DELHI — Azure Power (NYSE: AZRE), a leading independent solar power producer in India, announced that it has tied up $135 million, the largest solar rooftop debt financing in India, with a consortium of Development Finance Institutions. The proceeds will be used to finance approximately 200 MWs of Azure Power’s solar rooftop projects across India. 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.

Azure Power signed the agreement with FMO in the presence of the prime minister of the Netherlands, Mark Rutte; ambassador of the Netherlands to India, Alphonsus Stoelinga; and chief risk and finance officer, FMO, Fatou Bouaré.

Linda Broekhuizen, chief investment officer FMO said “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.”

Commenting on the occasion, Inderpreet Wadhwa, founder, chairman and chief executive officer, Azure Power said, “We are pleased to announce the largest solar rooftop financing in India. This financing will enable us to rapidly expand our Azure Roof Power platform in India and lower the energy bills of our customers by providing clean and sustainable solar energy. Rooftop financing in India remains challenging and this facility is a testament to our strong financing, project development, engineering and execution capabilities. We are delighted to make this contribution towards the realization of India’s ambitious rooftop targets and our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”

Azure Roof Power offers superior rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India to lower their energy bill and meet their greenhouse gas emission reduction targets. With over 190 MWs of high quality, operating and committed solar assets across 23 states, Azure Roof Power has one of the largest rooftop portfolios in the country. Azure Roof Power has a well-diversified customer base with majority portfolio contracted with Government of India backed entities. 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, a Delhi water utility company and various Government of India Ministries.

Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-Indian portfolio over 2 gigawatts. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes, from utility scale, rooftop to mini and micro grids, since its inception in 2008. Highlights include the construction of India’s first private utility scale solar PV power plant in 2009 and the implementation of the first MW scale rooftop project under the smart city initiative in 2013.

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