Indian solar player Azure Power has secured $135m in financing from a consortium of financial institutions led by International Finance Corporation (IFC), FMO, Société de Promotion et de Participation pour la Coopération Economique (Proparco) and Oesterreichische Entwicklungsbank AG (OeEB).
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 FMO chief risk & finance officer Fatou Bouaré.
Proceeds from the finance will be used in the development of Azure Power’s 200MW solar rooftop project across the country.
Azure Power founder, chairman and CEO Inderpreet Wadhwa said: “We are pleased to announce the largest solar rooftop financing in India. 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. We are delighted to make this contribution towards the realization of India’s ambitious rooftop targets and our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”
Azure Roof Power offers rooftop solar power solutions for commercial, industrial, government and institutional customers in cities across the country to lower their energy bills and to meet their greenhouse gas emissions reduction targets.
Presently, Azure Roof Power has installed 190MW of rooftop solar operating and committed across 23 states. The company has a diversified customer base with majority of portfolio contracted with government backed entities.
Recently, the company had crossed the 2GW milestone, after it won four 50MW projects in the state of Maharashtra. The projects were auctioned by Maharashtra State Power Generation (Mahagenco). The company had won the bidding for a tariff of INR3.07 ($0.4) per kWh.