Azure Power Closes Financing Deal of ~US$ 88 million Ahead of Schedule
October 02 2018 - 4:30PM
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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the full release here:
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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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181002006076/en/
Investor ContactInvestor Relations, Azure PowerNathan
Judge, CFAir@azurepower.comorMedia ContactMarketing, Azure
PowerSamitla Subbapr@azurepower.com+91-11- 4940 9854
Azure Power Global (NYSE:AZRE)
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