Azure Sunlight to use $20 mn for rooftop solar power project

US-based finance firm SAM Consultant today said it has facilitated Azure Sunlight's borrowing of USD 20 million for a 19-MW rooftop solar power systems project.
"SAM Consultant, the only Overseas Private Investment Corporation (OPIC) fund facilitator in India, helped Azure Sunlight Pvt of India in borrowing USD 20 million," SAM Consultant said in a press release.
According to the statement, the funds will be used for the project which comprises development, financing, construction, operation and maintenance of an approximately 19-MW portfolio of rooftop solar generation systems across India.
Azure Sunlight will be the equity owner of this portfolio of rooftop solar systems and will utilise a USD 20 million loan facility from OPIC to provide the debt portion of the financing for each individual project, it said.

SAM Consultant CEO Dr Sharmistha Dey said in a statement, "We are dedicated to helping Indian businesses with medium-to-long term funding through direct loans, equity funding, low-rate project funding, venture capital investments to eligible investment projects."
Dey added: "The project will address India's growing need for energy through a clean, renewable source and thus help reduce its reliance on coal-fired generation."
OPIC's loan facility will be repaid from aggregate cash flows from the project. Azure Power India Private, the parent company of Azure Sunlight, will act as turnkey construction contractor as well as operations and maintenance provider.
"The project has the potential to have strong demonstrated effects in the country, providing environmentally benign energy to a projected 100,000 customers," said Azure Sunlight Director Arjun Mehta in the statement.