Azure Power secures INR37b REC, HSBC refinancing

Over $500m of debt has been refinanced.

Azure Power Global Limited has completed two refinancing transactions, which includes INR24b structured as an INR Term Loan underwritten by REC Limited. 

In a statement, the company said this transaction allowed for the repayment of green bonds issued in 2019 for $350m and backed by 10 solar projects commissioned between 2016 and 2019. The bonds were set to mature in December 2024.

Azure Power has also completed a INR13b refinancing transaction with HSBC for its 300 megawatt solar power project in Jodhpur, Rajasthan. Following this, India Infradebt Limited has also participated in this project. 

The project has been operational since March 2023 under a long-term offtake agreement with the Solar Energy Corporation of India.

Azure Power has a portfolio of over 4.3 gigawatts of renewable energy assets in India.