India's Azure Power lands debt for 300 MW of solar in Rajasthan

Solar park in Rajasthan. Source: Azure Power. All rights reserved.

July 5 (Renewables Now) - Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) has secured USD 163 million (EUR 137.3m) in syndicated debt financing for a 300-MW portfolio of photovoltaic (PV) projects in Rajasthan.

The five-year debt will be extended by a tie-up of lenders led by Japan’s Mitsubishi UFJ Financial Group (MUFG), the latter said last week. Apart from being the lead manager, MUFG is also the hedging bank and facility agent for the financing deal.

Specific details about the projects that will benefit from the transaction were not provided.

The deal marks MUFG’s third renewable project financing in India in which it has acted as green structuring adviser. The Japanese group noted it has secured certification for a cumulative renewables capacity of 2.6 GW over the past six months.

According to its latest financial report released last month, Azure Power had 1,990 MW of assets in operation at the end of its fourth fiscal quarter in March.

(USD 1.0 = EUR 0.842)

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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.

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