NYSE-listed Azure Power raises $185 m

Azure Power, which is one of the country independent solar power producers with the portfolio of around 3GW having spread across the 23 states today in a report has announced to raise $185 Million via an equity offering, Azure Power, CEO and Co-Founder Inderpreet Wadhwa said in a statement.

The Canadian company has contributed around $100 Million which is around Rs 730 crore to the company capital raising which increased the stake of the company to 40 percent. This time it is the second investment of the fund into the company: CDPQ had invested $140 Million in the year 2016 before the company went public into the stock market.

Azure power, which is founded and led by the Inderjeet in the year 2008, has as of now raised an amount of $1.8 Billion in the equity and debt so far which also includes the last year $500 Million green bonds issue, according to its CEO report. This company as of now has the capital to complete all its projects in the Pipeline with the cumulative capacity of over 2GW as well as bid for some of the new projects.

As of now, the company has a target to grow its operation folio to 5GW by the end of 2020. The company revenue for the second quarter ended on 30th of June at Rs 242 crore, which is a 29% hike from the previous quarter.

According to the CEO, Azure Power will be going to continue focusing on the organic growth with the help of competitive bidding and is as of now considering any deal at the moment. The company is also planning to remain a purely solar energy developer in the near future.