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Azure Power has been granted Rs 67.83 crore ($10.5 million) of low-cost debt financing through the SBI-World Bank for scaling its Grid Connected Rooftop Solar PV Programmme.
The loan is for 15 years with an interest rate of 8.35 per cent per annum, one of the lowest interest rates availed by a solar power developer in the Indian solar sector to date.
The loan will be utilised to scale Azure Roof Power, Azure Power’s solar rooftop platform.
Azure Roof Power offers rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India to lower their energy bill and meet their greenhouse gas (GHG) emission reduction targets. With over 100 MWs of operating and committed solar assets across 14 states, Azure Roof Power has one of the largest rooftop portfolios in the country.
Azure Roof Power customers include large commercial real estate companies, a leading global chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation, Indian Railways and a Delhi water utility company.
Inderpreet Wadhwa, Chairman, and Chief Executive Officer, Azure Power in a statement said, “We are pleased to announce our partnership with SBI and World Bank, which will enable us to lower the energy bills of our customers by providing clean and sustainable solar energy. We are excited to expand our Azure Roof Power platform in India with the support of SBI and World Bank.”
Under the SBI-World Bank: Grid Connected Rooftop Solar PV Programme, the World Bank and the International Bank for Reconstruction and Development (IBRD) approved a line of credit of $625 million to support the Government of India’s goal to expand rooftop solar to 40,000 MWs.
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