Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • India
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Netherlands Development Finance Company (FMO)
Status: Active
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2017-09-26
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Azure Power India Private Limited
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Loan Amount (USD): $ 29.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported 1900
Converted using 2017-09-26 exchange rate.
Project Cost (USD): $ 29.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

Currency conversion note:
Bank reported 1900
Converted using 2017-09-26 exchange rate.

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Primary Source

Original disclosure @ FMO website
Updated in EWS: 2017-10-25
Disclosure Date: 2017-10-10
Azure Power India Private Limited
FMO-51212

Project Description
FMO's client is Azure Power India Private Limited ("AZI"), a company incorporated in India. AZI is a leading developer, constructor and operator of utility scale ground-based and rooftop solar projects in India. Currently, AZI's solar portfolio totals 1.07GW and its goal is to grow to 5GW by the end of 2020. FUNDING OBJECTIVE FMO subscribes to a Non-Convertible Debenture issued by AZI. The objective of FMO's financing is to fund the development and construction by AZI of new solar projects in India. This will help alleviate India's dependence on fossil fuels and to support India's goal of reaching 100 GW of installed solar capacity by the end 2022. WHY WE FUND THIS PROJECT FMO funds this project as it provides an additional source of clean, renewable energy to India. India currently has a demand for electricity that exceeds its reliable generation capacity, resulting in frequent power outages. Furthermore, much of India's current power is supplied by (imported) coal. By funding AZI FMO contributes to increasing India's power supply, reducing blackouts and replacing fossil fuel generation with low cost, renewable solar energy.
Investment Description