Azure Power Global Limited, a prominent sustainable energy solutions provider and renewable power producer in India, has issued a notice to prepay Green Bonds set to mature in December 2024. These Bonds (RG II), originally issued in 2019 for $350 million and listed in Singapore, are backed by ten projects commissioned between 2016 and 2019.
The refinancing, valued at approximately INR 24 billion, is structured as an INR Term Loan solely underwritten by REC Limited. The refinanced projects, totaling 615 MW in capacity, are dispersed across Punjab, Maharashtra, Uttar Pradesh, Andhra Pradesh, Gujarat, Karnataka, and Rajasthan.
Sunil Gupta, CEO of Azure Power, remarked, “This refinancing reaffirms Azure Power’s strong market position and our capability to raise funding at attractive terms.” Sugata Sircar, Group Chief Financial Officer & Executive Director, Finance, added, “We continuously assess our portfolio to optimize the funding of our projects. This project serves as a testament to that strategy.”
REC Limited, a Public Sector Undertaking (PSU), has taken on the responsibility of underwriting the entire refinancing. This refinancing underscores Azure Power’s dedication to sustainable growth and reinforces its ongoing contribution to India’s renewable energy landscape.
Azure Power, established in 2009, has emerged as a leader in accelerating India’s energy transition by developing, constructing, and operating renewable energy projects. The company is committed to providing innovative solutions to meet the needs of its customers. For more information about Azure Power, please visit their website at www.azurepower.com.
