Azure Power closes a ~US$88 million financing deal

Azure Power has announced that it has closed a financing deal of Rs.6 billion for its 200MW solar power plant in Bhadla, Rajasthan, ahead of schedule. The project was won through an auction conducted by Solar Energy Corporation of India (SECI), a Government of India enterprise and a company with an AA+ domestic debt rating by ICRA, a Moody’s Company. The solar plant will be set up at Bhadla Solar Park in Rajasthan and is likely to be commissioned in 2019.

Azure Power has a long history of developing and operating solar power plants with SECI. In 2015, Azure Power developed a 100MW solar power plant outside a solar park in the state of Rajasthan, which was SECI’s first allocation and also the largest solar power project under India’s National Solar Mission at commissioning. Today, Azure Power stands with over 1,000MW portfolio with SECI.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman & Chief Executive Officer, Azure Power, said, “We are pleased to announce the closing of financing for our 200MW plant in Bhadla. This financing is a testament to our strong financing, project development, engineering and execution capabilities. We are delighted to make this contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”