According to reports, Germany’s bilateral development finance institution DEG, a member of KfW Bankengruppe, has provided €10 million (Rs 68 crore or $13.6 million) risk capital in the form of compulsory convertible debentures to solar power producer Azure Power India Pvt Ltd, the institution has disclosed in a statement today.
The proceeds will be used for Azure’s expansion plans over the next couple of years. The financing will also help Azure to enhance its 10 existing operating facilities, thus enabling it to emerge as a major player in the domestic solar power sector over the next 2-3 years.
In November 2008, Azure raised an undisclosed amount from Helion Venture Partners and Foundation Capital in series A funding. The company also received undisclosed funding from IFC in 2010.