Azure Roof Power Announces US$ 135 Million Financing
31 5월 2018 - 7:41PM
Business Wire
- US$ 135 million investment, largest
debt financing in India, to facilitate development of approximately
200 MWs of Azure Roof Power projects
Azure Power (NYSE: AZRE), a leading independent solar power
producer in India, announced that it has tied up US$ 135 million,
the largest solar rooftop debt financing in India, with a
consortium of Development Finance Institutions. The proceeds will
be used to finance approximately 200 MWs of Azure Power’s solar
rooftop projects across India. The line of credit was led by
International Finance Corporation, a member of the World Bank Group
and attracted the participation of leading institutions, including
FMO - the Dutch development bank, Société de Promotion et de
Participation pour la Coopération Economique (Proparco) – the
French development finance institution, and Oesterreichische
Entwicklungsbank AG (OeEB) – the development bank of Austria.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180531005603/en/
From left to right: Mr. Alphonsus
Stoelinga (Ambassador of the Netherlands to India), Mr. Mark Rutte
(PM of the Netherlands), Mr. H.S. Wadhwa (COO Azure Power), Ms.
Fatou Bouaré (CRFO FMO), Ms. Sigrid Kaag (Minister for Foreign
Trade and Development Cooperation of the Netherlands) and Mr. Hans
de Boer (President of the Confederation of Netherlands Industry and
Employers VNO-NCW). (Photo: Business Wire)
Azure Power signed the agreement with FMO in the presence of the
Prime Minister of the Netherlands, Mr. Mark Rutte, Ambassador of
the Netherlands to India, Mr. Alphonsus Stoelinga and Chief Risk
& Finance Officer, FMO, Ms. Fatou Bouaré.
Linda Broekhuizen, Chief Investment Officer FMO said “FMO
is committed to making a positive impact on green financial
development. Earlier, we had invested approximately US$ 30 million
in Azure Power, and this will be our second investment in the
company, which is testament to FMO's commitment to clean energy
initiatives in India and our support of Azure Power.”
Commenting on the occasion, Inderpreet Wadhwa, Founder,
Chairman and Chief Executive Officer, Azure Power said, “We are
pleased to announce the largest solar rooftop financing in India.
This financing will enable us to rapidly expand our Azure Roof
Power platform in India and lower the energy bills of our customers
by providing clean and sustainable solar energy. Rooftop financing
in India remains challenging and this facility is a testament to
our strong financing, project development, engineering and
execution capabilities. We are delighted to make this contribution
towards the realization of India’s ambitious rooftop targets and
our Hon’ble Prime Minister’s commitment towards clean and green
energy, through solar power generation.”
Azure Roof Power offers superior rooftop solar power
solutions for commercial, industrial, government, and institutional
customers in cities across India to lower their energy bill and
meet their greenhouse gas (GHG) emission reduction targets. With
over 190 MWs of high quality, operating and committed solar assets
across 23 states, Azure Roof Power has one of the largest rooftop
portfolios in the country. Azure Roof Power has a well-diversified
customer base with majority portfolio contracted with Government of
India backed entities. Azure Roof Power customers include large
commercial real estate companies, a leading global chain of premium
hotels, distribution companies in smart cities, warehouses, Delhi
Metro Rail Corporation, Indian Railways, a Delhi water utility
company and various Government of India Ministries.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-Indian portfolio over 2 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, including statements regarding the Company’s future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. 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 U.S. Securities and Exchange Commission,
or SEC, from time to time. In the press release, portfolio and the
project represents megawatts 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 a reverse auction but
has yet to receive a 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180531005603/en/
Azure PowerInvestor ContactNathan Judge,
CFAir@azurepower.comorMedia ContactSamitla Subba,
Marketingpr@azurepower.com+91-11- 4940 9854
Azure Power Global (NYSE:AZRE)
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Azure Power Global (NYSE:AZRE)
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