Azure Power Announces Tie-up of US$ 470 Million Financing

NEW DELHI, November 7, 2016

One of the Largest Financing Done in the Indian Solar Sector 

Azure Power (NYSE: AZRE), a leading independent power producer in the solar power sector in India, announces it has tied-up approximately US$ 470 million financing for its projects to be commissioned in 2017. This is one of the largest financing done till date in the Indian solar sector. With this tie-up Azure Power's cumulative financial commitment to the solar sector in India has crossed over US$ 1 billion.

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Azure Power tied-up approximately US$ 161 million as part of its pre-IPO, initial public offering and concurrent private placement recently. Further, the company tied-up approximately US$ 309 million for the project finance of its 450+ MW large-scale utility as well as commercial and industrial solar power projects in the states of Karnataka, Punjab, Andhra Pradesh, Uttar Pradesh and Delhi.

Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power said, "The tie-up of one of the largest financing for pure play solar PV projects is a testament to our track record of strong project development, engineering and execution capabilities. We intend to use the proceeds to grow organically and to continue development of solar power plants in India. We are also delighted to make this contribution towards realization of our Hon'ble Prime Minister's commitment towards clean and green energy, through solar power generation."