Azure Power Raises over ~US$ 400 Million Since Fiscal First Quarter
October 29 2018 - 5:11PM
Business Wire
- Azure Power has one of the largest
solar portfolios in India
- The Company’s 2GW+ pipeline has a
weighted average tariff ~17% higher than the lowest solar bid in
the market
- With the recent equity and debt
financings, Azure Power is one of the best capitalized solar
companies in India
Azure Power (NYSE: AZRE), one of India’s leading independent
solar power producers, announced that it has raised over US$ 400
million from equity and debt financings since June 30, 2018. These
include the US$ 185 million raised in its first public follow-on
offering on the New York Stock Exchange that closed in October 10,
2018 and various project debt financings and short-term debt
facilities. Cumulatively, the company believes that this is the
largest amount of financing raised by a solar power company in
India during this period. With these financings, the Company is
well capitalised to deliver its contracted solar pipeline of over 2
GW which is one of the largest solar project pipelines in the
country and has a weighted average tariff ~17% higher than the
lowest solar bid in the market.
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the full release here:
https://www.businesswire.com/news/home/20181029005790/en/
Azure Power | New York Stock Exchange
(Photo: Business Wire)
The Company’s follow-on offering attracted support from new
investors and also existing investors such as La Caisse de dépôt et
placement du Québec (CDPQ), International Finance Corporation
Global Infrastructure Fund (IFC GIF) and International Finance
Corporation (IFC).
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder,
Chairman and Chief Executive Officer, Azure Power said, “The
recent financings were done against a challenging economic
backdrop, but at the same time this is a testament to the quality
of assets that we are developing and the strength of the solar
platform that we have built. We are thankful to all our
stakeholders and investors in helping us make significant
contributions towards the realization of our Hon’ble Prime
Minister’s commitment towards clean and green energy, through solar
power generation.”
Azure Power was founded by Inderpreet Wadhwa in 2008 with a
vision of providing affordable solar power in an efficient,
sustainable and socially responsible manner. Azure Power has
rapidly grown to become one of the largest solar power developers
in the India. The company started its journey over ten years ago by
developing India’s first private utility scale solar plant, a 2 MW
plant in Awan Punjab. Over the last decade, the company has
witnessed tremendous growth and now has one of the largest
portfolios in the country of over 3 GWs with an installed solar
capacity of over 1 GW across 23 states in India. Since inception,
Azure Power has raised over $2 billion cumulatively to fund solar
projects in India. The Company is supported by several notable
names such as CDPQ, IFC, Helion Venture Partners, Société de
Promotion et de Participation pour la Coopération Économique
(PROPARCO), Deutsche Investitions-und Entwicklungsgesellschaft mbH
(DEG) and Netherlands Development Finance Company (FMO).
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-Indian portfolio of over 3 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. 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/20181029005790/en/
Azure PowerInvestorsNathan Judge,
CFAir@azurepower.comInvestor Relations, Azure PowerorMedia
ContactSamitla Subba, +91-11- 4940
9854pr@azurepower.comMarketing, Azure Power
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