Azure Power ties up USD 470 mn funding for projects

Solar energy firm Azure Power today announces that it has tied up approximately USD 470 million financing for its projects to be commissioned in 2017.
"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 USD 1 billion," Azure Power said in a release.
The company tied up approximately USD 309 million for the project finance of its over 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, it said.

Azure Power Founder and Chief Executive Officer Inderpreet Wadhwa said, " We intend to use the proceeds to grow organically and to continue development of solar power plants in India."
Azure has a portfolio of over 1000 MW and operating solar power plants, be it utility scale or commercial rooftop projects. It developed India's first utility scale solar project in 2009.