Azure Power, an independent solar power producer in India, today announced it has been granted Rs 67.83 crore ($10.5 million) of low-cost debt financing through the State Bank of India (SBI)-World Bank Grid Connected Rooftop Solar PV Program.
The loan is granted for 15 years with an interest rate of 8.35 per cent per annum, among the lowest interest rates availed by solar power developers in India, according to a statement issued by the company.
“We are pleased to announce our partnership with SBI and World Bank which will enable us to lower the energy bills of our customers by providing clean and sustainable solar energy. We are excited to expand our Azure Roof Power platform in India with the support of SBI and World Bank,” Inderpreet Wadhwa, Chairman and Chief Executive Officer, Azure Power said.
Under the SBI-World Bank: Grid Connected Rooftop Solar PV Program, the World Bank and the International Bank for Reconstruction and Development (IBRD) approved a line of credit of $625 million to support the government’s goal to expand rooftop solar capacity to 40,000 Megawatt (Mw).
The company said its Azure Roof Power platform has over 1,000 Mw capacity projects across 18 states. Its customers include commercial real estate companies, a chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation (DMRC) and Indian Railways.
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