Azure gets USD-10.5m loan to back rooftop solar business
Azure Power Listed on NYSE (PRNewsFoto/Azure Power India Pvt Ltd)
Indian firm Azure Power Global Ltd (NYSE:AZRE) has secured an INR-678.3-million (USD 10.5m/EUR 9.4m) debt facility from the World Bank to support its rooftop solar programme.
The loan has a term of 15 years and bears an interest of 8.35% per year. The funds come from the State Bank of India (SBI) under the SBI-World Bank: Grid Connected Rooftop Solar PV Program.
SBI is using a USD-625-million (EUR 557m) loan from the World Bank for on-lending to grid-connected rooftop solar photovoltaic (PV) projects on commercial, institutional and industrial buildings. The programme will support more than 600 MW of such projects, helping the Indian government's target for 40 GW of solar rooftop.
The Azure Roof Power programme has more than 100 MW of operating and committed solar assets in 14 Indian states in India. Its clients are real estate firms, hotel chains, distribution companies, Indian Railways and a Delhi water utility.
The World Bank recently said that SBI has financed 100 MW of solar rooftop projects with private developers under the joint programme. The list includes Azure , Amplus and Cleanmax, amongst others.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.