Azure Power, an Indian solar power producer, announced its tie up with Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution for long term low cost debt financing facility of US$20 million for 15 years at a cost of capital of 4.74%. The proceeds of the loan will be utilized to construct 19MW new solar rooftop projects across multiple states in India.
Speaking on the occasion, Mr. Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power said, "Azure has unique rooftop solar power solutions for distribution companies in cities across India and industrial/commercial consumers to lower their current energy bill and meet their renewable purchase obligations in an environmentally friendly manner. We are pleased to announce our extended partnership with OPIC which will continue to allow us to help consumers lower their energy bills."
Azure has had a long-standing relationship with OPIC, the finance institute had previously funded Azure Power's first solar plant in Punjab in 2009, which is India's first private grid connected solar power plant.