Azure Power secures finance for 200 MW Bhadla project.

Solar energy firm Azure Power has achieved financial closure for the Rs. 600-crore, 200 MW solar park in Bhadla, Rajasthan, ahead of schedule.

The company was among the leading solar power producers which bagged capacities at Bhadla park through an auction conducted by Solar Energy Corporation of India (SECI) last year. Azure’s solar plant at Bhadla is likely to be commissioned in 2019, the company said.

“This financing is a testament to our strong financing, project development, engineering and execution capabilities,” Inderpreet Wadhwa, Founder, Chairman and CEO, Azure Power, said.

In 2015 the company developed a 100 MW solar power plant outside a solar park in Rajasthan, which was SECI’s first allocation and also the largest solar power project under the National Solar Mission. Azure Power’s portfolio currently stands at over 1,000 MW with SECI alone.

Apart from utility-scale projects, Azure has also been executing rooftop solar projects.

A major boost to this business has come from the signing of over 400 PPAs for 11 MW of solar rooftop installations in Madhya Pradesh under the RESCO scheme.

Azure emerged as one of the winning bidders for installing rooftop solar projects at government colleges, engineering colleges, polytechnics, Industrial Training Institutes (ITIs) and universities in the State.

HBL