Azure Power has raised nearly $500 million through the sale of bonds to overseas investors. The issue was oversubscribed by two times as investors offered to invest around $1 billion against the bond size of $500 million. This is despite the fact that Azure Power will offer a yield of around 5.5 per cent, which is less than even the primary lending rate of the RBI. The proceeds from the bond sale will be used to purchase rupee-denominated debentures and finance the loans of subsidiaries that directly own several solar power projects across India. The company has more than 1,100 MW of solar power capacity under construction.