POWER UTILITY | Staff Reporter, India

Azure Power raised $400m since June 2018

It will fund the realisation of its 2GW solar pipeline.

Azure Power has raised $400m from equity and debt financings in less than six months since 30 June 2018, the company revealed.

According to an announcement, these financings include its first public follow-on offering on the New York Stock Exchange (NYSE) that closed on 10 October 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," it said.

Also read: Azure Power bags 600MW deal in India's largest solar auction

These financings will fund Azure Power's contracted solar pipeline of over 2GW. It has a weighted average tariff about 17% higher than the lowest solar bid in the market.

Moreover, 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). 

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