Azure Power announces $70.35 mn financing from US EXIM Bank
Azure Power has announced a long-term financing of $70.35 million by Export Import Bank of the United States for its solar power plant at Nagaur in Rajasthan. The plant is an expansion of the company’s existing 5 MW Nagaur PV facility to 40 MW, making it the largest solar power plant to be developed at a single location under the National Solar Mission. The construction of the plant has commenced and it is expected to be operational by February 2013.
Inderpreet Wadhwa, CEO, Azure Power, said, “Our partnership with US Exim Bank is unmatched in the Indian solar industry. This investment enables the expansion of our Nagaur PV facility to 40 MW, the largest solar PV project to be developed at a single location in India under the National Solar Mission. This is a great example of Indo-US cooperation in clean energy. And with this project we are committed to working towards meeting the grid parity objective of the National Solar Mission in India.” Azure Power had commissioned the 5 MW Nagaur plant in December last year.