Azure Power Refinances 600-MW Solar Plant in Rajasthan

Source: www.gulfoilandgas.com 2/22/2022, Location: Asia

Azure Power, a leading independent sustainable energy solutions provider and power producer in India, has announced successful refinancing of its existing project finance facility of INR 23.50 billion (~USD 313 million) utilized towards construction of its largest project 600 MWs Interstate Transmission System (ISTS) connected solar project implemented by Azure Power Forty Three Pvt Ltd, a Special Purpose Vehicle (SPV). The project was fully commissioned recently in December 2021. The refinancing has been completed at a rate of interest of 7.2% per annum, which is fixed for 42 months and the lowest rate of interest for any project finance facility in terms of rupee financing for the company's existing portfolio so far.

"Refinancing the original term loan was one of our highest priorities, even before the project was fully commissioned in December 2021. The facility will result in substantial savings in interest cost and will improve the project IRR signi cantly. We are overwhelmed with the response we get from the credit markets which basically reflects lenders' con dence in our strong corporate governance standards, operational capabilities, and credit fundamentals," said Pawan Kumar Agrawal, Chief Financial O cer, Azure Power.

L&T Finance Limited has acted as the sole underwriter for this re nancing facility.

About the Project

This is the largest solar power project in India, owned and operated at a single location by any developer. The project is 600 MWs (897 MWp) Interstate Transmission System (ISTS) connected solar project in Bikaner, Rajasthan, allocated by Solar Energy Corporation of India (SECI). The power generated from the project is being supplied to SECI at a tari of INR 2.53 (~US 3.5 cents) per kWh under the Power Purchase Agreement executed with SECI for 25 years. The project was commissioned in multiple phases, with the last 100 MWs commissioned in December 2021.


Argentina >>  8/12/2022 - Echo Energy plc, the Latin American focused Energy company, is pleased to announce a proposed comprehensive debt restructuring together with a placing...
Nigeria >>  8/12/2022 - Seplat Energy PLC ("Seplat" or the "Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London S...

United Kingdom >>  8/12/2022 - Highlights
Share placement commitments to raise A$14.9 million gross proceeds.
Issue price of A$0.009 per share represents a 18.2% dis...

United States >>  8/12/2022 - The Board of Directors of Westlake Corporation authorized the company to repurchase an additional $500 million of shares of its common stock under its...

United States >>  8/12/2022 - Canadian Overseas Petroleum Limited ("COPL" or the "Company"), an international oil and gas exploration, production and development company with produ...
Bermuda >>  8/11/2022 - This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of th...




Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.