Azure Power said today that it has tied up USD 135 million (about Rs 910 crore) in debt financing, the largest solar power funding in the country, with a consortium of Development Finance Institutions.
The proceeds will be used to finance 200 MW of solar rooftop projects across India, Azure said in a statement.
The line of credit was led by International Finance Corporation, a member of the World Bank Group and attracted the participation of leading institutions, including FMO-the Dutch development bank, Socit de Promotion et de Participation pour la Coopration Economique (Proparco) the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB)
the development bank of Austria.
Azure Power signed the agreement with FMO in the presence of the Prime Minister of the Netherlands, Mark Rutte, Ambassador of the Netherlands to India, Alphonsus Stoelinga and Chief Risk & Finance Officer, FMO, Fatou Bouar.
Linda Broekhuizen, Chief Investment Officer FMO said: FMO is committed to making a positive impact on green financial development. Earlier, we had invested approximately USD 30 million in Azure Power, and this will be our second investment in the company, which is testament to FMO's commitment to clean energy initiatives in India and our support of Azure Power.
Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer of Azure Power, said: This financing will enable us to rapidly expand our Azure Roof Power platform in India and lower the energy bills of our customers by providing clean and sustainable solar energy."
He said rooftop financing in India remains challenging and this facility is a testament to Azure's strong financing, project development, engineering and execution capabilities.
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