NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), one of India’s leading independent solar power
producers, announced it closed a financing deal of INR 6 billion (~88
USD million) for its 200 MW solar power plant in Bhadla, Rajasthan ahead
of schedule. The project was won through an auction conducted by Solar
Energy Corporation of India (SECI), a Government of India enterprise and
a company with a AA+ domestic debt rating by ICRA, a Moody’s Company.
The solar plant will be set up at Bhadla Solar Park in Rajasthan and is
likely to be commissioned in 2019.
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Azure Power Solar Power Plant (Photo: Business Wire)
Azure Power has a long history of developing and operating solar power
plants with SECI. In 2015, Azure Power developed a 100 MW solar power
plant outside a solar park in the state of Rajasthan, which was SECI’s
first allocation and also the largest solar power project under India’s
National Solar Mission at commissioning. Today, Azure Power stands with
over 1,000 MW portfolio with SECI.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, “We are pleased to
announce the closing of financing for our 200 MW plant in Bhadla. This
financing is a testament to our strong financing, project development,
engineering and execution capabilities. We are delighted to make this
contribution towards realization of our Hon’ble Prime Minister’s
commitment towards clean and green energy, through solar power
generation.”
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer
with a pan-Indian portfolio. 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. 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 SEC from time to time. In the press release, megawatts portfolio
represents the aggregate megawatt 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 reverse auction, but yet to
receive 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/20181002006076/en/
Investor Contact
Investor Relations, Azure Power
Nathan
Judge, CFA
ir@azurepower.com
or
Media
Contact
Marketing, Azure Power
Samitla Subba
pr@azurepower.com
+91-11-
4940 9854
Source: Azure Power Global Ltd
