Azure Power gets $10.5m loan from World Bank

The loan is for 15 years with 8.35% yearly interest rate.

Independent solar power producer Azure Power has been granted INR 678.3 (US$ ~10.5) million of low-cost debt financing through the SBI-World Bank: Grid Connected Rooftop Solar PV Program. 

The loan is for 15 years with an interest rate of 8.35% per annum, one of the lowest interest rates availed by a solar power developer in the Indian solar sector to date. The loan will be utilized to scale Azure Roof Power, Azure Power’s solar rooftop platform.

Under the SBI-World Bank: Grid Connected Rooftop Solar PV Program, the World Bank and the International Bank for Reconstruction and Development (IBRD) approved a line of credit of $625 million to support the Government of India’s goal to expand rooftop solar to 40,000 MWs.