Azure Power India Private Limited has achieved financial closure for the company’s 100 MW project to be developed at the Pavagada solar park in Karnataka. This has been made possible through a financing deal worth Rs 4 billion. The project was awarded to the company in March 2018 in a Karnataka Renewable Energy Development Limited auction, on build, own and operate (BOO) basis. The company had quoted a tariff of Rs 2.93 per kWh for this capacity.
Recently, Azure Power had also closed a financing deal of Rs 6 billion for its 200 MW solar project in Bhadla, Rajasthan. Moreover, it has offered 14,800,000 equity shares on the New York Stock Exchange (NYSE) at an amount of $12.50 per equity share. The company has also announced raising $135 million in debt financing from a consortium of development finance institutions, to fund approximately 200 MW of Azure Power’s rooftop solar photovoltaic projects across India.