Project detail - AZURE POWER INDIA PRIVATE LIMITED

AZURE POWER INDIA PRIVATE LIMITED

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Who is our client

FMO’s client is Azure Power India Private Limited (“AZI”), a company incorporated in India. AZI is a leading developer, constructor and operator of utility scale ground-based and rooftop solar projects in India. Currently, AZI’s solar portfolio totals 1.07GW and its goal is to grow to 5GW by the end of 2020.

Funding objective

FMO subscribes to a Non-Convertible Debenture issued by AZI. The objective of FMO’s financing is to fund the development and construction by AZI of new solar projects in India. This will help alleviate India’s dependence on fossil fuels and to support India’s goal of reaching 100 GW of installed solar capacity by the end 2022.

Why we fund this project

FMO funds this project as it provides an additional source of clean, renewable energy to India. India currently has a demand for electricity that exceeds its reliable generation capacity, resulting in frequent power outages. Furthermore, much of India’s current power is supplied by (imported) coal. By funding AZI FMO contributes to increasing India’s power supply, reducing blackouts and replacing fossil fuel generation with low cost, renewable solar energy.

Region
Asia
Country
India
Sector
Energy
Signing date
9/26/2017
Total FMO financing
INR 1900.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B+