Azure Power raises $135 mn through debt financing

Solar rooftop firm Azure Power today said it has raised USD 135 million though debt financing from a consortium of development finance institutions.

The company plans to use the funds to finance around 200 MW of its solar rooftop projects across India, the company said in a statement.

The funding which was led by the International Finance Corporation, included other investors like Dutch development bank FMO, Societe de Promotion et de Participation pour la Cooperation Economique (Proparco) the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) the development bank of Austria.

"This financing will enable us to rapidly expand our Azure rooftop power platform in India," company's founder, chairman and chief executive officer Inderpreet Wadhwa said.

The firm offers rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India.

"Earlier, we had invested around USD 30 million in Azure Power, and this will be our second investment," FMO chief investment officer Linda Broekhuizen said.