Azure Power announced that it has raised over US$ 400 million from equity and debt financings since June 30, 2018. These include the US$ 185 million raised in its first public follow-on offering on the New York Stock Exchange that closed in October 10, 2018 and various project debt financings and short-term debt facilities. With these financings, the Company is well capitalised to deliver its contracted solar pipeline of over 2GW and has a weighted average tariff ~17% higher than the lowest solar bid in the market.
The Company's follow-on offering attracted support from new investors and also existing investors such as La Caisse de dépôt et placement du Québec (CDPQ), International Finance Corporation Global Infrastructure Fund (IFC GIF) and International Finance Corporation (IFC).
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, "The recent financings were done against a challenging economic backdrop, but at the same time this is a testament to the quality of assets that we are developing and the strength of the solar platform that we have built. We are thankful to all our stakeholders and investors in helping us make significant contributions towards the realization of our Hon'ble Prime Minister's commitment towards clean and green energy, through solar power generation."