Azure Power ties up $470 million in funding
Azure Power’s cumulative financial commitment to the solar sector in India has crossed over $1 billion, says the solar power producer
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Mumbai: Solar power producer Azure Power Global Ltd, which last month listed on the New York Stock Exchange, said on Monday that it has tied up about $470 million of 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 $1 billion,” the company said in a statement.
Azure Power had tied up about $161 million as part of its pre-initial public offering, IPO and concurrent private placement, it said.
It had also tied up about $309 million for the project finance of its 450MW large-scale utility as well as commercial and industrial solar power projects in Karnataka, Punjab, Andhra Pradesh, Uttar Pradesh and Delhi.
“We intend to use the proceeds to grow organically and to continue development of solar power plants in India,” said Inderpreet Wadhwa, founder and chief executive officer of Azure Power.