Azure Power gets $135 million debt funding from IFC, European lenders for rooftop solar unit

Azure Power Global Limited has received debt funding of $135 million (Rs 9 billion) from the International Finance Corporation (IFC) and three European lenders, for the expansion of its solar rooftop unit. IFC will provide funding of $45 million, while the remaining amount will be contributed by the Dutch development bank FMO, France’s Proparco, and Austrian development bank OeMB. Azure Power Rooftop (GenCo) Private Limited, a wholly owned subsidiary of Azure Power, will use the capital to finance projects with a total capacity of 200 MW across the country. Azure Power already has a portfolio of about 2 GW of solar projects in India.