Azure Power Global Ltd, a renewable power producer in India, announced this week the successful completion of its INR 24 billion refinancing transaction, structured as an INR Term Loan underwritten solely by REC Ltd.
Following this transaction, the company has successfully prepaid its Green Bonds, originally issued in 2019 for $350 million and backed by 10 solar projects commissioned between 2016 and 2019. The bonds were set to mature in December 2024.
Azure Power had earlier completed an INR 13 billion ($155 million) refinancing transaction with HSBC for its 300 MW solar power project in Jodhpur, Rajasthan. Following this, India Infradebt Ltd has also participated in this project. The project has been operational since March 2023 under a long-term offtake agreement with the Solar Energy Corp. of India (SECI).
Azure Power has a renewable energy asset portfolio of over 4.3 GW. It develops, constructs, and operates renewable energy projects.
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