Azure Power Taps IBRD (World Bank) Loan to Scale its Azure Roof Power Platform

India
Typography
> <
  • AzureAzure Power | New York Stock Exchange
Azure Power (NYSE: AZRE), a leading independent solar power producer in India, has been granted INR 678.3 (US$ ~10.5) million of low-cost debt financing through the SBI-World Bank: Grid Connected Rooftop Solar PV Program. The loan is for 15 years with an interest rate of 8.35% per annum, one of the lowest interest rates availed by a solar power developer in the Indian solar sector to date. The loan will be utilized to scale Azure Roof Power, Azure Power’s solar rooftop platform.

Azure Roof Power offers superior rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India to lower their energy bill and meet their greenhouse gas (GHG) emission reduction targets. With over 100 MWs of high quality, operating and committed solar assets across 14 states, Azure Roof Power has one of the largest rooftop portfolios in the country. Azure Roof Power customers include large commercial real estate companies, a leading global chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation, Indian Railways and a Delhi water utility company.

Speaking on this occasion, Inderpreet Wadhwa, Chairman, and Chief Executive Officer, Azure Power said, “We are pleased to announce our partnership with SBI and World Bank which will enable us lower the energy bills of our customers by providing clean and sustainable solar energy. We are excited to expand our Azure Roof Power platform in India with the support of SBI and World Bank.”

Under the SBI-World Bank: Grid Connected Rooftop Solar PV Program, the World Bank and the International Bank for Reconstruction and Development (IBRD) approved a line of credit of $625 million to support the Government of India’s goal to expand rooftop solar to 40,000 MWs. 

About Azure Power

Azure Power (NYSE: AZRE) is a leading solar power producer in India with a portfolio of over 1,000 MWs across 18 states. With over 100 MWs of high quality, operating and committed solar assets, the company has one of the largest rooftop portfolios in the country. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes, from utility scale to rooftop, since its inception in 2008. Highlights include the construction of India’s first private utility scale solar PV power plant in 2009 and the implementation of the first MW scale rooftop project under the smart city initiative in 2013.

For more information, visit: www.azurepower.com.

Advertisement


Posted: 2017-06-15 23:16:00

Translator

Advertisement

SolarQuarter Tweets

Follow Us For Latest Tweets

SolarQuarter SolarRoofs India 2017 Wishes You are Very Happy Deepavali. Get Registered Now For SolarRoofs Q3 series editions… https://t.co/oJV4XkEoRq
Wednesday, 18 October 2017 12:01
SolarQuarter Meet the Leaders in Rooftop Solar Industry at Solar Roofs Series Nagpur-Lucknow-Surat. Visit… https://t.co/EOo3DNOVSu
Saturday, 14 October 2017 08:36
Saturday, 14 October 2017 07:42
SolarQuarter Excellent Investment Strategies Lined up at REIFF India 2017, 10 Nov Mumbai Contact Pratika 9920917136 Finance… https://t.co/t1oiCP8I5R
Saturday, 14 October 2017 07:40
Thursday, 28 September 2017 17:58

Advertisement
Advertisement