Solar power producer Azure Power Global Ltd, which last month listed on the New York Stock Exchange, said on Monday that it has tied up about $470 million of financing for its projects to be commissioned in 2017.
“This is one of the largest financing done till date in the Indian solar sector. With this tie-up, Azure Power’s cumulative financial commitment to the solar sector in India has crossed over $1 billion,” the company said in a statement. Azure Power had tied up about $161 million as part of its pre-initial public offering, IPO and concurrent private placement, it said. It had also tied up about $309 million for the project finance of its 450MW large-scale utility as well as commercial and industrial solar power projects in Karnataka, Punjab, Andhra Pradesh, Uttar Pradesh and Delhi.