India's Azure secures funds for 100-MW PV project in Karnataka

Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) said today it has secured INR 4 billion (USD 54.3m/EUR 47.2m) in financing for a 100-MW photovoltaic (PV) project in Karnataka state.

Completed ahead of schedule, the financing deal will help the company to develop this PV project, secured at an auction held by Karnataka Renewable Energy Development Ltd.

The 100-MW solar park will be implemented in the same area of the Pavagada Solar Park with Karnataka Solar Power Development Corporation Ltd (KSPCL) in charge of the construction. Currently, Azure Power has 250 MW in its Karnataka portfolio, one of the largest in the state.

Earlier this week, the firm also announced it had reached a financial close for a 200-MW solar project in the state of Rajasthan.

(INR 10 = USD 0.14/EUR 0.12)

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