Azure Power raises funds for development of 200 MW solar rooftop projects in India

Azure Power India Private Limited has raised funds worth $ 135 million through debt financing to facilitate development of about 200 MW solar rooftop projects in the country. The funds have been raised through a consortium of development finance institutions led by International Finance Corporation (IFC). The consortium includes The Netherlands Development Finance Company (FMO), Société de Promotion et de Participation pour la Coopération Economique (Proparco)- the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) – the development bank of Austria. Prior to this, the FMO had invested approximately $30 million in the company.

Over the past year, Azure has secured a series of orders for rooftop solar projects. The company recently won the contract to develop 32 MW of rooftop solar PV projects for the Indian Railways’ offices, buildings, and railway stations. In addition, in October 2017, the Indian Railways had awarded Azure Power 20 MW worth of rooftop solar contracts and, in March 2017, the company had won bids to develop 46 MW of rooftop solar for REMCL.

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