Solar energy developer and producer Azure Power has achieved financial closure for Rs 600 crore for its 200-MW solar park in Bhadla, Rajasthan ahead of schedule.
The company was among the leading solar power producers who bagged the Bhadla project through an auction conducted by Solar Energy Corporation of India (SECI) last year. Azure’s solar plant at Bhadla is likely to be commissioned in 2019, the company said.
“This financing is a testament to our strong financing, project development, engineering and execution capabilities,” Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power, said.
In 2015, the company had developed a 100-MW solar power plant outside a solar park in Rajasthan, which was SECI’s first allocation and also the largest solar power project under national solar mission. Azure Power’s portfolio currently stands at over 1,000 MW.
Apart from utility scale projects, Azure has also been executing rooftop solar projects with a major boost to this business been given by signing of over 400 PPAs for 11 MW of solar rooftop installation in Madhya Pradesh under RESCO scheme.
Azure emerged as one of the winning bidders for installing rooftop solar projects at the sites of government colleges, engineering colleges, polytechnics, Industrial Training Institutes (ITIs) and universities in the State.
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