Investors endorse solar ventures

International financiers have boosted Azure Power’s fund raising to US$400 million since 30 June 2018, the largest funding by the solar power group in India.

The company’s follow-on offering attracted support from new investors and also existing investors such as La Caisse de dépôt et placement du Québec (CDPQ), International Finance Corporation Global Infrastructure Fund (IFC GIF) and International Finance Corporation (IFC).

With these financings, Azure is well capitalised to deliver its contracted solar pipeline of over 2 GW which is one of the largest solar project pipelines in the country and has a weighted average tariff ~17% higher than the lowest solar bid in the Indian market.

The funds, from equity and debt financings, include US$185 million raised in its first public follow-on offering on the New York Stock Exchange that closed on 10 October 2018 and various project debt financings and short-term debt facilities.

Cumulatively, the company believes that this is the largest amount of financing raised by a solar power company in India during this period.

Speaking on this occasion, Inderpreet Wadhwa, Azure Founder, Chairman and Chief Executive Officer, said: “The recent financings were done against a challenging economic backdrop, but at the same time this is a testament to the quality of assets that we are developing and the strength of the solar platform that we have built.

“We are thankful to all our stakeholders and investors in helping us make significant contributions towards commitment towards clean and green energy, through solar power generation.”

Azure Power was founded by Wadhwa in 2008 with a vision of providing affordable solar power in an efficient, sustainable and socially responsible manner.

Azure Power has rapidly grown to become one of the largest solar power developers in the India. fiinews.com