Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced that its portfolio has surpassed 1 GW of operating solar capacity, making it one of the largest solar power companies in the country. This milestone was achieved with the company’s recent commissioning of a 50 MW project in Andhra Pradesh. The project has been setup in Ananthapuramu Solar Park across approximately 250 acres. Azure Power will supply power for 25 years to 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 levelized tariff is INR 4.79 (~US 7.5 cents) per kWh, which includes Viability Gap Funding (VGF).
Founded by Inderpreet Wadhwa in 2008, Azure Power started its journey by developing a 2 MW plant in Awan, Punjab and since then has witnessed tremendous growth, increasing its installed capacity to over 1 GW over the last ten years. The company has a footprint across 23 states in India and has built a strong solar power portfolio with ~80% of its operating or committed projects with counterparties that have domestic debt ratings that are A or higher. Since inception, Azure Power has been at the forefront of the solar sector in India.
The company installed India’s first private utility scale solar project in Punjab, implemented India’s first megawatt scale solar rooftop project in Gujarat, was the first solar power producer to set up a private utility scale solar plant in the states of Uttar Pradesh and Chhattisgarh and was also the first private solar producer in the country to supply solar power to border outposts. The company has established itself as a leader in the Indian solar rooftop market.
The company’s rooftop journey started in 2013, with a 2.5 MW plant in Gandhinagar, Gujarat and has since grown its rooftop portfolio under Azure Roof Power to over 190 MWs across 23 states making the company’s rooftop portfolio one of the largest in the country. Last year, Azure M-Power, which focuses on mini and micro grids, electrified 320 households across 11 villages in the eastern state of Jharkhand. Azure M-Power plans to expand access to electricity to millions of Indians currently without power enabling sustainable economic development, inclusive growth and resilience against climate change.
The company has also achieved many financing landmarks. In 2016, it launched an initial public offering on the New York Stock Exchange, creating the first listing of Indian energy assets in the United States. The following year, it issued India’s maiden solar Green Bond. Azure Power is backed by several marquee institutional investors such as one of the largest pension funds in Canada, Caisse de dépôt et placement du Québec (CDPQ), International Finance Corporation (IFC) which is an investment division of the World Bank, venture capital funds HelionVenture Partners and Foundation Capital, and development finance institutions such as Société de Promotion et de Participation pour la Coopération Économique (PROPARCO) and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) and Netherlands Development Finance Company (FMO).
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