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Azure Power to raise $4.6 mn from IFC

According to reports, Azure Power India Private Limited to raise around $4.6 million from International Finance Corporation (IFC).

The fund raising will support the company’s proposed $6.2 million investment plan to set up, own and operate solar power plants in Gujarat.Azure Sun Energy Private Limited (Azure Sun) is a 100% subsidiary of Azure Power India Private Limited (AZI), which develops, constructs, owns and operates solar power plants to develop the project in Gujarat.

The total project cost is estimated at $ 6.2 million.

Currently, the company has 17MW of solar power projects operational and another 40MW under development. AZI carries out all engineering and construction related work for its projects through a subsidiary.

AZI was founded by Inderpreet Wadhwa and other shareholders of AZI include Foundation Capital, Helion Ventures, DEG and IFC.

Azure Sun has been awarded a 25-year concession to construct and operate a 2.5 MW rooftop solar power in Gandhinagar by the Government of Gujarat.

The power generated under the project will be sold at a pre-agreed tariff to Torrent Power Limited (TPL), a privately owned distribution company that holds the license for electricity distribution in Gandhinagar and several other cities in Gujarat.

About 80% of the roof top solar panels will be installed on the roofs of government buildings, while the balance 20% will be installed on the roofs of privately-owned buildings.

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