Azure Power, an independent solar power producer in India, said that it has raised more than $400m since 30 June 2018 from both equity and debt financings.
These include the US$ 185 million raised in its first public follow-on offering on the New York Stock Exchange that closed in October 10, 2018 and various project debt financings and short-term debt facilities. Cumulatively, the company believes that this is the largest amount of financing raised by a solar power company in India during this period.
With these financings, the Company is well capitalised to deliver its contracted solar pipeline of over 2 GW which is one of the largest solar project pipelines in the country and has a weighted average tariff ~17% higher than the lowest solar bid in the market.
The Company’s follow-on offering attracted support from new investors and also existing investors such as La Caisse de dépôt et placement du Québec (CDPQ), International Finance Corporation Global Infrastructure Fund (IFC GIF) and International Finance Corporation (IFC).
Azure Power founder, chairman and CEO Inderpreet Wadhwa said: “The recent financings were done against a challenging economic backdrop, 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.
“We are thankful to all our stakeholders and investors in helping us make significant contributions towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”
Azure Power was founded by Inderpreet Wadhwa in 2008 with a vision of providing affordable solar power in an efficient, sustainable and socially responsible manner. Azure Power has rapidly grown to become one of the largest solar power developers in the India.
The company started its journey over ten years ago by developing India’s first private utility scale solar plant, a 2 MW plant in Awan Punjab. Over the last decade, the company has witnessed tremendous growth and now has one of the largest portfolios in the country of over 3 GWs with an installed solar capacity of over 1 GW across 23 states in India.
Since inception, Azure Power has raised over $2 billion cumulatively to fund solar projects in India. The Company is supported by several notable names such as CDPQ, IFC, Helion Venture Partners, Société de Promotion et de Participation pour la Coopération Économique (PROPARCO), Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG) and Netherlands Development Finance Company (FMO).
Source: Company Press Release