Azure Power, one of the leading independent solar energy producers in the country, said it has tied-up approximately $470 million financing because of its projects to be commissioned in 2017.The company said this is among the largest financing done till date in the Indian solar sector. Using this tie-up, Azure Power’s cumulative financial dedication to the solar sector in India has crossed over $1 billion.
Azure Power recently raised approximately $161 million as an element of its pre-IPO, initial public offering, and concurrent private placement recently. Further, the business tied-up approximately $309 million for the project finance of their 450 MW large-scale utility in addition to commercial & industrial solar power projects in the states of Karnataka, Punjab, Andhra Pradesh, Uttar Pradesh, and Delhi.
“The tie-up of one of the largest financing for pure play solar PV projects is a testament to our history of strong project development, execution and engineering capabilities. We plan to use the proceeds to develop organically and to continue development of solar energy plants in India,” said Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power.
Azure features a portfolio of over 1000 MW across several states in the nation.