Azure Power Global Limited, a prominent sustainable energy solutions provider and renewable power producer in India, has announced plans to prepay its Green Bonds maturing in December 2024. The bonds, categorized as RG II, are supported by seven utility projects commissioned between 2016 and 2019.
The refinancing, estimated at approximately INR 24 billion, will be structured as an INR Term Loan, exclusively underwritten by REC Limited. The projects, collectively boasting a capacity of 615 MW, are distributed across various states in India, including Punjab, Maharashtra, Uttar Pradesh, Andhra Pradesh, Gujarat, Karnataka, and Rajasthan. Originally issued in 2019 for $350 million, the Green Bonds are listed on the Singapore Exchange.
Sunil Gupta, CEO of Azure Power, emphasized the significance of this move, stating, “This refinancing reaffirms Azure Power’s strong market position and our capability to raise funding at attractive terms.”
Sugata Sircar, Group Chief Financial Officer and Executive Director of Finance, added, “We continuously assess our portfolio to optimize the funding of our projects. This project serves as a testament to that strategy.”
The detailed breakdown of the projects is as follows:
| SPV Name | Location | MW Capacity (AC) |
|---|---|---|
| Azure Power Makemake Pvt. Ltd. | Punjab | 28 |
| Azure Power Uranus Pvt. Ltd. | Maharashtra | 7 |
| Azure Power Venus Pvt. Ltd. | Uttar Pradesh | 40 |
| Azure Power Thirty-Six Pvt. Ltd. | Andhra Pradesh | 50 |
| Azure Power Thirty-Three Pvt Ltd | Gujarat | 260 |
| Azure Power Earth Pvt Ltd | Karnataka | 100 |
| Azure Power Thirty-Four Pvt Ltd | Rajasthan | 130 |
| Total | 615 |
The full refinancing is underwritten by REC Limited, a Public Sector Undertaking (PSU), highlighting Azure Power’s ongoing commitment to sustainable growth and its significant role in India’s renewable energy sector.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
