Mumbai: Renewable energy firm Azure Power Global Ltd has raised close to Rs200 crore (approximately $30.5 million) in debt from Dutch development finance institution FMO, two people aware of the development said.

“Azure has recently raised debt financing from FMO to the tune of Rs200 crore. The funds will be used by Azure to invest in the development of its ongoing projects and those in the pipeline," said one of the two people cited above, requesting anonymity as he is not authorized to speak to reporters. “The company has close to 300 megawatts (MW) of projects under development as of today."

FMO has a committed portfolio of €9.8 billion across emerging markets, making it one of the larger bilateral private sector development banks globally.

FMO, which invests in sectors such as agribusiness, infrastructure, manufacturing and services, energy, financial institutions and in multi-sector private investment funds, has a total Asia exposure of €2.7 billion.

Azure Power has a diversified portfolio of 1,069MW in 18 states, of which 771MW is operational and 298MW is committed and under construction, according to details available on the company’s website.

Majority of its portfolio has as counter-party government of India agencies such as NTPC Ltd and Solar Energy Corp. of India Ltd.

Emails sent last week to Azure Power and FMO did not elicit any response.

Azure Power became the first Indian renewable energy company to get listed on the New York Stock Exchange in October 2016. It sold 3.41 million shares in an initial public offering, including 2.24 million new shares and 1.16 million shares from existing shareholders. Azure raised $61.36 million through the IPO.

Ahead of Azure’s IPO, Canadian pension fund CDPQ picked up a stake worth $75 million as part of a private placement. CDPQ owns 20% in Azure.

For the year ended 31 March, Azure Power reported a revenue of Rs418.30 crore, as compared to a revenue of Rs262.62 crore in the previous financial year.

Loss narrowed to Rs148.3 crore in 2016-17 from Rs303.8 crore a year ago.

In August, Azure Power raised $500 million by selling green bonds for repayment of existing debt and for capital expenditure for under construction projects and future growth.

Azure Power is backed by World Bank arm International Finance Corp., venture capital fund Helion Venture Partners, German development finance institution DEG and a French development financial institution Proparco.

Founded by Inderpreet Wadhwa in 2008, Azure Power developed India’s first utility scale solar project in 2009.

In its other efforts in the energy sector in India, FMO along with development finance institutions DEG and Proparco signed an agreement with private lender Yes Bank Ltd to promote green finance in India in June.

FMO has also invested in other sectors such as financial services.

In 2013, it participated in a $53 million funding round of erstwhile microfinance firm Equitas Holding.

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