Azure Power Global Limited, a prominent provider of sustainable energy solutions and renewable power producer in India, has announced the successful completion of a ₹24 billion refinancing transaction. This deal, structured as an INR Term Loan, was underwritten solely by REC Limited. Following this refinancing, Azure Power has prepaid its Green Bonds, which were originally issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019, set to mature in December 2024.
This refinancing move bolsters Azure Power’s financial position as it continues to expand its renewable energy portfolio. The company had previously completed a ₹13 billion (approximately $155 million) refinancing transaction with HSBC for its 300 MW solar power project in Jodhpur, Rajasthan, operational since March 2023 under a long-term offtake agreement with the Solar Energy Corporation of India (SECI). India Infradebt Limited has also participated in this project.
Sugata Sircar, Group Chief Financial Officer & Executive Director of Finance at Azure Power, stated, “The successful refinancing transactions underscore our endeavor in optimizing financing costs and widening lender relationships.”
With a portfolio exceeding 4.3 GW of renewable energy assets in India, Azure Power reinforces its leadership in the country’s green energy transition.
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