Azure Power Global Limited, a prominent provider of sustainable energy solutions and a renewable power producer in India, has announced the successful conclusion of a ₹24 billion refinancing deal, structured as an INR Term Loan exclusively underwritten by REC Limited.
This transaction enables the company to prepay its Green Bonds, which were originally issued in 2019 for $350 million and secured by ten solar projects commissioned between 2016 and 2019. These bonds were set to mature in December 2024.
This refinancing enhances Azure Power’s financial stability as it seeks to expand its renewable energy portfolio further. Previously, the company finalized a ₹13 billion (~$155 million) refinancing arrangement with HSBC for its 300 MW solar power project in Jodhpur, Rajasthan. India Infradebt Limited has also joined in on this project, which has been operational since March 2023 under a long-term offtake agreement with the Solar Energy Corporation of India (SECI).
Sugata Sircar, Group Chief Financial Officer and Executive Director of Finance, stated, “These successful refinancing efforts reflect our commitment to optimizing financing costs and strengthening our relationships with lenders.”
Azure Power has a portfolio of over 4.3 GW of renewable energy assets in India, reinforcing its leadership in the country’s green energy transition. Since its inception in 2009, the company has rapidly developed and operated renewable energy projects, providing innovative solutions to meet customer needs while driving India’s energy transition forward.
Azure Power is a leading independent power producer in India, specializing in the development and operation of solar power projects. Founded in 2008, Azure Power was one of the early pioneers in the Indian renewable energy sector, playing a key role in advancing the country’s solar energy capabilities.
The company develops, constructs, and operates grid-scale solar power plants, providing cost-effective and sustainable energy solutions. Azure Power has a diversified portfolio of renewable energy projects across multiple states, contributing significantly to India’s clean energy goals under initiatives like the National Solar Mission.
With a strong focus on innovation, efficiency, and sustainability, Azure Power continues to expand its footprint in the renewable energy landscape while reducing carbon emissions and helping transition to greener energy sources.
