Azure Power secures USD-135m financing for rooftop solar in India

From left to right: Alphonsus Stoelinga (Dutch ambassador in India), Mark Rutte (PM of the Netherlands), H.S. Wadhwa (COO Azure Power), Fatou Bouare (CRFO FMO), Sigrid Kaag (Dutch foreign trade minister) and Hans de Boer (President of VNO-NCW). (Photo: Business Wire)

May 31 (Renewables Now) - Indian solar power producer Azure Power (NYSE:AZRE) has signed an agreement for a USD-135-million (EUR 115.5m) solar rooftop debt financing, it announced today.

The International Finance Corporation (IFC) led the line of credit, attracting the participation of Dutch development bank FMO and the French development finance institution Proparco, as well as the development bank of Austria, namely Oesterreichische Entwicklungsbank AG (OeEB).

The company said it will use the fresh financing to support 200 MW of rooftop photovoltaic (PV) projects across India.

Commenting on the news, Inderpreet Wadhwa, founder, chairman and CEO of Azure Power, said that the company will use the funds to rapidly expand its Azure Roof Power platform and also noted that securing rooftop financing in India continues to be a challenging task.

The Azure Roof Power platform delivers rooftop solar solutions for commercial, industrial, government and institutional customers. It is one of the largest rooftop portfolios in the country, having over 190 MW of operating and committed solar assets across 23 states, Azure says.

(USD 1.0 = EUR 0.856)

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