Azure Power Solidifies Green Energy Expansion with ₹24 Billion Refinancing

Azure Power Global Limited completes a ₹24 billion refinancing transaction, with REC Limited underwriting an INR Term Loan. It prepaids $350 million Green Bonds. The move bolsters Azure Power's financial standing, emphasizing its growing role in India's renewable energy landscape. Azure Power manages over 4.3 GW of assets.

Azure Power Global Limited, a major player in India's renewable energy sector, has finalized a ₹24 billion refinancing arrangement underwritten by REC Limited. This deal allows Azure Power to pay off $350 million in Green Bonds issued in 2019, initially due to mature in December 2024. This financial maneuver is set to enhance the company's fiscal resilience as it seeks to broaden its renewable energy initiatives.

Earlier this year, Azure Power secured a ₹13 billion refinancing with HSBC for its 300 MW solar project in Jodhpur, Rajasthan, further involving India Infradebt Limited. Operational since March 2023, this project operates under a long-term agreement with the Solar Energy Corporation of India (SECI). This development aligns with Azure Power's strategy to optimize financing costs and build stronger lender relationships, as stated by Sugata Sircar, the company's Group CFO and Executive Director, Finance.

With a substantial portfolio exceeding 4.3 GW of renewable energy assets, Azure Power remains at the forefront of India's green energy growth. Founded in 2009, the company continues to make significant strides in advancing India's energy transition.

(With inputs from agencies.)