Solar project developer Azure Power says it has raised more than $400 million since the end of the first quarter of India’s financial year – on June 30th.
The largest source of the funding came from the company’s follow-on share offering, made around two years after its shares began trading on the New York Stock Exchange. That raised $185 million from investors, including a $100 million contribution from Canadian pension fund La Caisse de dépôt et placement du Québec, which upped its stake in the New Delhi-headquartered developer to 40%, for a total investment of $240 million.
Azure also closed several financing deals for projects during the period, including around $58 million for a 100 MW project in Karnataka, and around $88 million for its 200 MW segment of the Bhadla Solar Park, in Rajasthan.
“The recent financings were done against a challenging economic backdrop,” said Azure Power CEO Inderpreet Wadhwa, “but at the same time, this is a testament to the quality of assets that we are developing, and the strength of the solar platform that we have built.”
The company went on to say the funding raised leaves it well capitalized to deliver on its 2 GW project pipeline, which it claims has a weighted average approximately 17% higher than India’s lowest solar bid – an important claim in a market where many have questioned the ability of developers to deliver projects at extremely low bid prices.