Azure Power Closes Financing Deal of ~US$ 58 Million Ahead of Schedule

Azure Power announced it closed a financing deal of INR 4 billion (~58 USD million) for its 100 MW solar power plant in Karnataka ahead of schedule. The project was won in an auction conducted by Karnataka Renewable Energy Development Ltd. The solar plant will be set up at Pavagada Solar Park, one of the largest solar parks in the world. The solar park is being developed by Karnataka Solar Power Development Corporation Limited (KSPCL). Azure Power’s portfolio in Karnataka stands at 250MWs, which is one of the largest portfolios in the state.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “We are pleased to announce the closing of our financing for our 100 MW plant in Karnataka. This financing is a testament to our strong financing, project development, engineering and execution capabilities. We are delighted to make this contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”