Independent solar power producer Azure Power today announced it has closed a financing deal of Rs 600 crore, around $88 million, for its 200 Megawatt solar power plant at Bhadla in Rajasthan ahead of schedule.
The company had won the project through an auction conducted by Solar Energy Corporation of India (SECI). The plant will be set up at Bhadla solar park and is likely to be commissioned in 2019.
“We are pleased to announce the closing of financing for our 200 Mw plant in Bhadla. This financing is a testament to our strong financing, project development, engineering and execution capabilities,” Founder, Chairman and Chief Executive Officer Inderpreet Wadhwa said.
Azure power has set up a pan-India portfolio of power projects since its inception in 2008. The company claims it provides low-cost and reliable solar power solutions to customers.
Azure had in 2015 developed a 100 Mw solar plant outside a solar park in Rajasthan, which was SECI’s first allocation. Currently, the company has over 1,000 Mw capacity projects bagged in auctions conducted by SECI.
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