Azure Power raises over USD 400 million from equity and debt financings

Since June 30, 2018, over USD 400 million has been raised from equity and debt financings by Azure Power. Of the USD 400 million, USD 185 million was raised in its first public follow-on offering on the New York Stock Exchange that closed in October 10, 2018, while the rest included various project debt financings and short-term debt facilities.

Weighing an average tariff of 17 per cent higher than the lowest solar bid in the market, the company is well capitalised to deliver its contracted solar pipelines of over 2 GW, which is one of the largest solar project pipelines in the country. Despite having one of the largest solar portfolios in the country, the company believes that collectively this is the largest amount of financing raised by a solar power company in India during this period. Azure Power’s follow-on offering attracted support from new and 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).

“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 the realisation of our Prime Minister’s commitment towards clean and green energy through solar power generation,” concluded Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power.