Azure Power secures huge $470m financing deal for pre-IPO Indian solar projects

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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 firm’s 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 Power’s cumulative financial commitment to the Indian solar sector has now surpassed $1 billion – a sum that supports the company’s 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 Minister’s commitment towards clean and green energy, through solar power generation."

Recent analysis by Bloomberg New Energy Finance (BNEF) forecast that India’s solar industry needs to attract annual investment in excess of $10 billion if it is to hope to reach the government’s 100 GW of solar target by 2022.