Azure Power Raises $135 Mn via Debt Financing from IFC Consortium

The company will use these proceedings to finance approximately 200 MWs of it’s solar rooftop projects across the country.

Indian solar power producer Azure Power has raised USD 135 million through debt financing from a consortium led by International Finance Corporation (IFC).

The IFC led consortium also includes other lenders like FMO – the Dutch development bank, Société de Promotion et de Participation pour la Coopération Economique (Proparco) – the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) – the development bank of Austria.

The company said in a statement that this is the largest solar rooftop debt financing in India and it will use these proceedings to finance approximately 200 MWs of it’s solar rooftop projects across the country.

Commenting on the development, Azure Power, Founder, Chairman and Chief Executive Officer, Inderpreet Wadhwa 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. Rooftop financing in India remains challenging and this facility is a testament to our strong financing, project development, engineering and execution capabilities.”

“Earlier, we had invested approximately US$ 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,” said Linda Broekhuizen, Chief Investment Officer, FMO.

The company offers rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India.