Indian independent power producer Azure Power has today announced it has secured $470 million in financing to help support its objectives in the Indian solar market.
Via a recent initial public offering (IPO), Azure Power was able to tie-up approximately $161 million in pre-IPO funding, while a further $309 million has been raised in project financing to bolster the firms 450 MW large-scale and commercial objectives.
Azure Power is eyeing ground-mounted and C&I rooftop opportunities in the states of Karnataka, Delhi, Uttar Pradesh, Punjab and Andhra Pradesh, and hopes to use the funding to commission a range of projects in 2017.
Following this tie-up of financial support, Azure Powers cumulative financial commitment to the Indian solar sector has now surpassed $1 billion a sum that supports the companys 1 GW portfolio of solar PV plants and projects.
"The tie-up of one of the largest financing for pure play solar PV projects is a testament to our track record of strong project development, engineering and execution capabilities," said Azure Power CEO Inderpreet Wadhwa. "We intend to use the proceeds to grow organically and to continue the development of solar power plants in India. We are also delighted to make this contribution towards the realization of our Honorable Prime Ministers commitment towards clean and green energy, through solar power generation."
Recent analysis by Bloomberg New Energy Finance (BNEF) forecast that Indias solar industry needs to attract annual investment in excess of $10 billion if it is to hope to reach the governments 100 GW of solar target by 2022.