International Finance Corporation (IFC) is providing a loan worth $3 million to independent energy producer Azure Power India Pvt Ltd. The fund will be routed to one of Azure Power’s subsidiaries to construct a rooftop solar project in Gujarat.
Azure Power is constructing a 2.5 megawatt rooftop solar project in Gandhinagar, Gujarat to implement the project which will be connected to the state’s electricity grid. The project is expected to help avoid around 3,600 tonnes of carbon emissions per year.
“With this, Azure Power has forayed into distributed solar power generation. We are committed to driving down cost of energy for end consumers,” said Inderpreet S Wadhwa, CEO of Azure Power.
“The project will assist the state in introducing public-private participation to generate green energy at the household level. It supports reduction in greenhouse gas emissions,” said Anita George, director for infrastructure (Asia) at IFC.
Incorporated in 2008, Azure Power is an independent solar power producer and provides services like power generation, transmission, and distribution and operations management. The firm is an existing client of IFC and has a current portfolio of about 55 megawatt of solar power projects in India.
Last June, IFC lent $4.6 million to Azure Sun Energy, a subsidiary of Azure Power. Prior to that in May, the firm raised a long-term loan of $70.35 million from Export-Import Bank of the US.
Azure's venture capital investors include Helion Venture Partners and Foundation Capital.
(Edited by Joby Puthuparampil Johnson)