India's Azure Power files for $100m IPO


Eyeing expansion, Indian clean energy company Azure Power has filed for an initial public offering (IPO) to raise $100 million on the New York Stock Exchange (NYSE).

A filing on the SEC revealed that the company, which has financing from the World Bank, will trade under the symbol AZRE, with British bank Barclays Plc acting at the sole underwriter.

The Indian renewable energy firm first mooted the idea of listing on the NYSE in June as it seeks further global and domestic expansion. Azure Power’s solar portfolio amounts to 242 MW of cumulative capacity, comprising 17 utility-scale projects and several commercial rooftop projects.

Since May 2012 the company has posted CAGR of 135%, and according to the company, is aiming to have 520 MW of PV capacity in operation by the end of 2016.

"Our longer term goals are to achieve 1 GW committed or operating by Dec. 31 2017, and 5 GW by Dec. 31 2020," Azure revealed in its prospectus summary.