According to this report, Azure Power India Pvt. plans to raise its solar energy generation capacity to 100 megawatts by 2013 with an investment of 15 billion rupees ($ 332 million), Chief Executive Inderpreet Wadhwa said in a recent interview, as the South Asian nation ramps up electricity supply from renewable sources.
The company designs, finances, owns, and operates solar power plants and is one of the 37 companies the Indian government selected earlier in December to supply 5 MW of solar power each to the national grid.
“We’re interested in any solar project in this country that has scale,” Mr. Wadhwa told Dow Jones Newswires, when asked if the New Delhi-based company will continue participating in the government’s solar program.
Mr. Wadhwa said the investment would come from a mix of debt and equity from India and overseas, but didn’t specify further.
In three to four years, the company plans to approach the public markets for capital and a listing, he said.
In the past, it has secured financing from the Overseas Private Investment Corp., a U.S. government body, and the International Finance Corp., a member of the World Bank Group. It has business agreements with China’s solar energy major Suntech Power Holdings Co. and SunEdison LLC, a unit of MEMC Electronic Materials Inc.
Azure Power is building 22 megawatts of power projects in the states of Punjab, Rajasthan and Gujarat. Mr. Wadhwa said the company uses solar photovoltaic technology for its projects.