Azure Power refinances 600 MW solar project at lowest interest rate
POWER & RENEWABLE ENERGY

Azure Power refinances 600 MW solar project at lowest interest rate

Azure Power has announced that it refinanced its 600 MW solar power project at the lowest interest rate in its portfolio to date.

The solar-powered company has successfully refinanced its current project finance facility of Rs 2,350 crore used towards construction of its largest project - 600 MW Interstate Transmission System-connected solar project executed by Azure Power Forty Three Pvt Ltd.

In December 2021, the project was fully authorised. The refinancing was completed at an interest rate of 7.2% per annum, fixed for 42 months.

The lowest interest rate for any project finance facility in terms of rupee financing for the firm's existing portfolio so far.

Pawan Kumar Agrawal, Chief Financial Officer, Azure Power, told the media that refinancing was one of their key priorities, even before the commissioning of the project in December 2021.

The facility would result in substantial savings in interest cost and also improve the project Internal Rate of Return (IRR).

He said that they are overwhelmed with the credit market's response, which shows the confidence of lenders in their powerful corporate governance standards, operational abilities, and credit fundamentals.

L&T Finance Limited served as the underwriter for this refinancing facility.

Azure sells power to government utilities and individual industrial and commercial customers across the country.

Image Source

Also read: Azure Power commissions 600 MW solar project in Rajasthan

Azure Power has announced that it refinanced its 600 MW solar power project at the lowest interest rate in its portfolio to date. The solar-powered company has successfully refinanced its current project finance facility of Rs 2,350 crore used towards construction of its largest project - 600 MW Interstate Transmission System-connected solar project executed by Azure Power Forty Three Pvt Ltd. In December 2021, the project was fully authorised. The refinancing was completed at an interest rate of 7.2% per annum, fixed for 42 months. The lowest interest rate for any project finance facility in terms of rupee financing for the firm's existing portfolio so far. Pawan Kumar Agrawal, Chief Financial Officer, Azure Power, told the media that refinancing was one of their key priorities, even before the commissioning of the project in December 2021. The facility would result in substantial savings in interest cost and also improve the project Internal Rate of Return (IRR). He said that they are overwhelmed with the credit market's response, which shows the confidence of lenders in their powerful corporate governance standards, operational abilities, and credit fundamentals. L&T Finance Limited served as the underwriter for this refinancing facility. Azure sells power to government utilities and individual industrial and commercial customers across the country. Image Source Also read: Azure Power commissions 600 MW solar project in Rajasthan

Next Story
Real Estate

Rethinking Slum Development

In July 2024, the Supreme Court directed the Bombay High Court to initiate suo motu proceedings to evaluate the implementation of the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act.During the ensuing proceedings, the Division Bench of Justices expressed concern about the plight of slum dwellers, saying, “Merely because you are a slum dweller doesn’t mean that you are left to the discretion of developers. They end up with a pittance.” The Bench also noted that the buildings allocated to slum dwellers were akin to “vertical slums”. “The buildings are congested. ..

Next Story
Real Estate

Ring in the New!

Lighting:OLED (organic light emitting diode) panels such as those by Philips are the latest option in soft lighting fixtures that can be embedded into walls, ceilings or furniture, says Nilesh Sawant, Principal Architect, Nilesh Sawant Architect. “Being thin and flexible, they lend themselves well to different applications while delivering the energy-efficiency associated with LED technology.”And Sapna Aggarwal, Founder, ANSA Architecture & Interiors, says “Embedded light-emitting diodes can create a dreamy illumination, while dimmable LEDs are useful for allowing..

Next Story
Infrastructure Urban

Jhansi Library

The Jhansi Library, commissioned by the Jhansi Development Authority (JDA) under the Jhansi Smart City initiative and built by Bootes Impex, a net-zero construction-tech company. It is the first library in Asia to achieve EDGE (Excellence in Design for Greater Efficiencies) certification from the International Finance Corporation (IFC), a member of the World Bank Group. This milestone marks the library as India’s first and only net-zero library, aligning  with India’s Net-Zero Vision 2070.Sustainable designDeepak Rai, Managing Director, Bootes Impex, explains, “The project's vision ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000