Azure Power, a solar energy producer in the country, said it had raised $470 million for its projects which will start in 2017. The company said this was one of the largest financing done till date in the Indian solar power sector. With this, Azure Power’s total financial commitment to the sector in India has crossed $1 billion.
Azure Power recently raised $161 million. Further, the company tied up $309 million for its 450-megawatt (Mw) utility as well as commercial and industrial solar power projects in Karnataka, Punjab, Andhra Pradesh, Uttar Pradesh, and Delhi.
“The tie-up of one of the largest financings for pure-play solar power projects is a testament to our record of strong development, engineering, and execution capabilities. We intend to use the proceeds to grow organically and to continue development of solar power plants in India,” said Inderpreet Wadhwa, chief executive, Azure Power.
Azure has a portfolio of over 1,000 Mw across several states in the country.