Electrical Monitor

Azure Power gets EXIM Bank financing

Em News BureauThursday, June 28, 2012, 15:34 Hrs  [IST]

azure powerAzure Power has announced longterm financing of $70.35 million by Export Import Bank of the United States for its solar power plant at Nagaur, Rajasthan. The plant is an expansion of Azure Power's existing 5- mw Nagaur PV facility, commissioned in December 2011, to 40-mw.

This makes it the largest solar power plant to be developed at a single location under the National Solar Mission, a statement by Azure Power said.

Construction of the plant has commenced and it is expected to be operational by February 2013. The 40- mw solar plant set up over 346 acres of wasteland will have a positive impact on the social and economic development of the local community, the statement added.

Talking about the project financing, Inderpreet Wadhwa, CEO, Azure Power said "Our partnership with US Exim bank is unmatched in the Indian solar industry. This is a great example of Indo-US cooperation in clean energy. And with this project we are committed to working towards meeting the grid parity objective of the National Solar Mission in India."

Azure's first project in Punjab sells power at Rs.17.91 per unit (kwh), followed by its Gujarat project that sells at Rs.15 per unit. Last December, Azure Power commissioned its Rajasthan plant under JNNSM (Phase-I Batch-I) that sells power at Rs.11.94 per unit. The additional capacity at this project will sell power at Rs.8.21 per unit.