Azure Power Ties up with Overseas Private Investment Corporation (OPIC)

Azure Power has announced that it has partnered with U.S. Government’s development finance institution- Overseas Private Investment Corporation (OPIC) for long-term low-cost debt financing facility of USD 20 million for 15 years at a cost of capital of 4.74%.

The company will utilize the load to construct 19 MW new solar rooftop projects across multiple states in India.

 Speaking on the occasion, Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power said, “Azure has unique rooftop solar power solutions for distribution companies in cities across India and industrial / commercial consumers to lower their current energy bill and meet their renewable purchase obligations in an environmentally friendly manner.  We are pleased to announce our extended partnership with OPIC which will continue to allow us to help consumers lower their energy bills.”

OPI previously funded Azure Power’s first solar plant in Punjab in 2009, which is India’s first private grid connected solar power plant.