Indian independent power producer Azure Power has secured financing totalling $470m to develop 450MW of solar projects to be commissioned in 2017.
The company raised $161m as part of its pre-initial public offering, IPO and concurrent private placement recently and a further $309m in project finance.
The projects will be located in the Indian states of Karnataka, Punjab, Andhra Pradesh, Uttar Pradesh and Delhi.
Azure Power founder and chief executive officer Inderpreet Wadhwa said: “We intend to use the proceeds to grow organically and to continue development of solar power plants in India.”
Image: Azure Power
