Azure Power refinances its 600 MW solar project

• This rates of interest of 7.2% is dealt with for 42 months as well as it's the most affordable in terms of rupee financing for Azure Power's existing portfolio until now.
• It has been learnt that for this refinancing facility, L&T Finance Limited has actually served as the sole expert.

Azure Power Global Limited has said that it has re-financed its 600 MW solar power project-- which is based in the state of Rajasthan-- at the lowest interest rate in its portfolio up to the here and now time.

The firm statement states that it has actually effectively refinanced its existing project finance center of Rs 2,350 crore ($ 313 million) used towards building of its biggest project-- 600 MW Interstate Transmission System-connected solar project executed by Azure Power Forty 3 Pvt Ltd

The solar project is currently completed and also according to the company declaration this is the biggest solar project that is owned and also operated at a solitary location by a solitary developer. It was fully commissioned last year in December-- hardly two months ago from here. The substantial solar park sells its produced electrical energy to Solar Energy Corporation of India (SECI) at a fixed toll of INR 2.53 per kWh under a 25-year contract with the government entity.

Azure Power includes that the refinancing has been completed at an interest rate of 7.2% per annum. This rates of interest is fixed for 42 months as well as its the most affordable interest rate in terms of rupee funding for any project finance facility for Azure Power's existing portfolio so far. It has been found out that for this refinancing center, L&T Finance Limited has actually functioned as the sole underwriter.

Chief Financial Officer (CFO) Pawan Kumar Agrawal states that the refinancing of the initial term funding was just one of the greatest priorities of the company despite the fact that the project was not appointed.

" The facility will certainly cause substantial financial savings in rate of interest cost and will boost the project IRR substantially," stated Pawan Kumar.

He adds, "We are bewildered with the reaction we obtain from the credit score markets which primarily mirrors loan providers' confidence in our strong corporate administration standards, operational capacities, as well as credit scores fundamentals."

Saur Energy had reported that Azure Power had authorized a crossbreed project of 400MW with the Israel major Eccopia. Azure Power is one of the key players in providing lasting energy options and also eco-friendly power in India.