Azure Power to prepay green bonds worth $310 mn maturing in December

Sustainable energy solutions provider Azure Power on Monday said it has issued a notice to prepay green bonds worth USD 310 million maturing in December 2024.

Sustainable energy solutions provider Azure Power on Monday said it has issued a notice to prepay green bonds worth $ 310 million maturing in December 2024.

The bonds (RG II) are backed by seven utility projects, originally commissioned between 2016 and 2019, a company statement said.

The refinancing, valued at approximately Rs 2,400 crore, is structured as an INR Term Loan underwritten solely by REC Limited.

The projects, with a total capacity of 615 MW, are spread across Punjab, Maharashtra, Uttar Pradesh, Andhra Pradesh, Gujarat, Karnataka, and Rajasthan.

The green bonds were issued in 2019 for $ 350 million and are listed in Singapore.

Azure Power Global Limited, a leading sustainable energy solutions provider and renewable power producer in India, issued a notice to prepay green bonds maturing in December 2024.

"This refinancing reaffirms Azure Power's strong market position and our capability to raise funding at attractive terms," Sunil Gupta, CEO at Azure Power, said in the statement.

"We continuously assess our portfolio to optimise the funding of our projects. This project serves as a testament to that strategy," its Group Chief Financial Officer and Executive Director, Finance, Sugata Sircar said.

REC Limited, a public sector undertaking (PSU), has underwritten the entire refinancing.

This refinancing underscores Azure Power's commitment to sustainable growth, reinforcing its ongoing contribution to India's renewable energy landscape.