Azure Power refinances its 600 MW ISTS connected solar project  

Taking the IPO Route

Azure Power has announced the successful refinancing of its existing project finance facility of Rs 23.50 billion, which was used to build the company’s largest project of 600 MW. This solar project is connected to the ISTS network and has been implemented by Azure Power Forty-Three Private Limited, a special purpose vehicle. 

The project is in Bikaner, Rajasthan and the power generated by the plant is supplied to SECI at a rate of Rs 2.53 per kWh for a period of 25 years under a power purchase agreement. In December 2021, the project was completely operational. The refinancing was completed at a fixed rate of 7.2 percent per year for 42 months (about 3 and a half years), which is the lowest rate of interest for any project finance facility in terms of rupee financing for the company’s current portfolio to date. L&T Finance Limited functioned as the refinancing facility’s sole underwriter. 

Earlier this month, Ecoppia announced the signing of a 400 MW hybrid project with Azure Power, a renewable energy provider. The robotics deployment, which is slated to begin in the first half of 2022, would include Ecoppia’s whole product suite, including the E4, T4, and Ecoppia’s newest addition, the Ecoppia H4, all of which are driven by the company’s Helix Technology. 

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