India-based independent solar power producer Azure Power has closed a financing deal of Rs4bn ($58m) for its 100MW solar power plant in the Indian state of Karnataka.
Azure Power secured the solar project through auction, which was conducted by Karnataka Renewable Energy Development.
The solar plant will be developed at Pavagada Solar Park, which is reportedly one of the largest solar parks in the world and is being developed by Karnataka Solar Power Development Corporation (KSPCL).
Azure Power founder, chairman and CEO Inderpreet Wadhwa said: “We are pleased to announce the closing of our financing for our 100MW plant in Karnataka.
“This financing is a testament to our strong financing, project development, engineering and execution capabilities. We are delighted to make this contribution towards the realisation of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”
Currently, Azure Power holds a 250MW portfolio in Karnataka, which is one of the largest portfolios in the state.
In July this year, Azure Power won a 600MW solar power project through an auction conducted by Government of India enterprise Solar Energy Corporation of India (SECI).
The solar PV project auctioned by SECI is said to be the first Interstate Transmission System (ISTS) grid-connected project, and a total of 2,000MW was tendered in the auction.
Established in 2008, Azure Power is engaged in the development and construction of solar projects of varying sizes, ranging from utility-scale to microgrids.
The company constructed India’s first private utility-scale solar PV power plant in 2009 and implemented the first MW scale rooftop project under the smart city initiative in 2013.