Azure Power raises $470 million for solar projects in India

Azure Power, one of the leading independent solar power producers in the country, said it has tied-up approximately $470 million financing for its projects to be commissioned in 2017.

The company said 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 $1 billion.

Azure Power recently raised approximately $161 million as part of its pre-IPO, initial public offering and concurrent private placement recently. Further, the company tied-up approximately $309 million for the project finance of its 450+ MW large-scale utility as well as 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 track record of strong project development, engineering and execution capabilities. We intend to use the proceeds to grow organically and to continue development of solar power plants in India," said Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power.

Azure has a portfolio of over 1000 MW across several states in the country.