Azure Power – India

Azure Power has slowly and steadily build a reputable name in the solar industry of India. The Delhi based company founded in 2007 has presence in commercial and utility sector. The company has also built medium scale solar power projects in the rural parts of India. Azure Power has presence in across 11 Indian states, with 142 MW of projects.

Source: Azure Power

The company has already build some large solar power projects in the Indian states of Rajasthan, UP and Chhattisgarh. It is the largest owner and operator of projects under the National Solar Mission. Azure Power has a 100 MW solar plant in Rajasthan and completed the first large scale solar plant in Uttar Pradesh that has the capacity to power 10,000 households in February 2015. The company is now in news for completing its 30 MW solar plant in Durg, Chhattisgarh. Azure Power has completed its projects well ahead of the scheduled due dates.

“This is the first large scale capacity project operational under the Chhasttisgarh Solar and we are proud to have successfully brought down the cost of power by almost 64 per cent from Rs 17.91 per unit in 2009 to Rs 6.45 today, for this project.” – Inderpreet Wadhwa CEO

Source: Indiatimes

Azure Power looks like a strong solar player in the Indian lands, successfully procuring and completing projects and bringing down costs. It has committed 11,000 MW by 2022 in RE-Invest 2015. Not only in India, the company also has strong links with USA having raised loans from IFC and US EXIM bank. The company is also planning to do an IPO in USA to raise capital. The Indian independent power producers have faced problems like land acquisition, regulatory delays and evacuation infrastructure issues. India faces huge capital constraints, raising money through PE, capital markets, pension funds and international financial institutions could be a key to its problems.