News Column

Azure Clean To Raise Funds From IFC

September 2, 2014

@IFC is lending $14.3 Mn to Azure Powers' 40MW solar power plant project in Rajasthan. IFC will provide an up to 15-year loan with a debt repayment profile that matches the cash flows of the Project.

The company plans to set up a 40 MW solar photovoltaic (PV) plant in Nandiya Kalan & Hardhani villages in Baori Tehsil of Jodhpur district in the state of Rajasthan. It also has plans to develop another 60 MW capacity solar PV plant in the same area.

The project with an estimated cost of $45.8 Mn is expected to be completed by 2015 and is being undertaken by @Azure_Power through a wholly owned subsidiary called Azure Clean Energy Private Limited.

The company has signed a Power Purchase Agreement (PPA) with Solar Energy Corporation of India for 25 years.

Azure Clean is an independent power producer which builds, owns and operates small and medium-scale solar power plants in India. Currently, it has installed capacity of 56 MW of solar projects across Punjab (2MW), Rajasthan (40 MW) and Gujarat (10 MW). Azure also provides EPC and O&M services for all its plants (both under construction and operational).

Founded by Inderpreet Wadhwa Azure has received backing from Helion Venture Partners, Foundation Capital apart from IFC.

Last year IFC had financed Azure Power's rooftop solar project in Gujarat in the form of a loan of $3 Mn.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: DealCurry (India)

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