- US$ 135 million investment, largest debt financing in India, to
facilitate development of approximately 200 MWs of Azure Roof Power
projects
NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, announced that it has tied up US$ 135 million, the largest solar
rooftop debt financing in India, with a consortium of Development
Finance Institutions. The proceeds will be used to finance approximately
200 MWs of Azure Power’s solar rooftop projects across India. The line
of credit was led by International Finance Corporation, a member of the
World Bank Group and attracted the participation of leading
institutions, including FMO - the Dutch development bank, Société de
Promotion et de Participation pour la Coopération Economique (Proparco)
– the French development finance institution, and Oesterreichische
Entwicklungsbank AG (OeEB) – the development bank of Austria.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180531005603/en/
From left to right: Mr. Alphonsus Stoelinga (Ambassador of the Netherlands to India), Mr. Mark Rutte (PM of the Netherlands), Mr. H.S. Wadhwa (COO Azure Power), Ms. Fatou Bouaré (CRFO FMO), Ms. Sigrid Kaag (Minister for Foreign Trade and Development Cooperation of the Netherlands) and Mr. Hans de Boer (President of the Confederation of Netherlands Industry and Employers VNO-NCW). (Photo: Business Wire)
Azure Power signed the agreement with FMO in the presence of the Prime
Minister of the Netherlands, Mr. Mark Rutte, Ambassador of the
Netherlands to India, Mr. Alphonsus Stoelinga and Chief Risk & Finance
Officer, FMO, Ms. Fatou Bouaré.
Linda Broekhuizen, Chief Investment Officer FMO said “FMO is
committed to making a positive impact on green financial development.
Earlier, we had invested approximately US$ 30 million in Azure Power,
and this will be our second investment in the company, which is
testament to FMO's commitment to clean energy initiatives in India and
our support of Azure Power.”
Commenting on the occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, “We are pleased to
announce the largest solar rooftop financing in India. This financing
will enable us to rapidly expand our Azure Roof Power platform in India
and lower the energy bills of our customers by providing clean and
sustainable solar energy. Rooftop financing in India remains challenging
and this facility is a testament to our strong financing, project
development, engineering and execution capabilities. We are delighted to
make this contribution towards the realization of India’s ambitious
rooftop targets and our Hon’ble Prime Minister’s commitment towards
clean and green energy, through solar power generation.”
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 190 MWs of high quality,
operating and committed solar assets across 23 states, Azure Roof Power
has one of the largest rooftop portfolios in the country. Azure Roof
Power has a well-diversified customer base with majority portfolio
contracted with Government of India backed entities. 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, a Delhi water
utility company and various Government of India Ministries.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer
with a pan-Indian portfolio over 2 gigawatts. 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, rooftop to mini & micro grids, 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.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995,
including statements regarding the Company’s future financial and
operating guidance, operational and financial results such as estimates
of nominal contracted payments remaining and portfolio run rate, and the
assumptions related to the calculation of the foregoing metrics. The
risks and uncertainties that could cause the Company’s results to differ
materially from those expressed or implied by such forward-looking
statements include: the availability of additional financing on
acceptable terms; changes in the commercial and retail prices of
traditional utility generated electricity; changes in tariffs at which
long term PPAs are entered into; changes in policies and regulations
including net metering and interconnection limits or caps; the
availability of rebates, tax credits and other incentives; the
availability of solar panels and other raw materials; its limited
operating history, particularly as a new public company; its ability to
attract and retain its relationships with third parties, including its
solar partners; its ability to meet the covenants in its debt
facilities; meteorological conditions and such other risks identified in
the registration statements and reports that the Company has filed with
the U.S. Securities and Exchange Commission, or SEC, from time to time.
In the press release, portfolio and the project represents megawatts
capacity of solar power plants pursuant to PPAs, signed or allotted or
where the Company has been cleared as one of the winning bidders or won
a reverse auction but has yet to receive a letter of allotment. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and the Company
assumes no obligation to update these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180531005603/en/
Azure Power
Investor Contact
Nathan Judge, CFA
[email protected]
or
Media
Contact
Samitla Subba, Marketing
[email protected]
+91-11-
4940 9854
Source: Azure Power Global Ltd
