India: Azure Power raises close to $30.5m in debt financing

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Renewable energy firm Azure Power Global Ltd has raised close to Rs200 crore (approximately $30.5 million) in debt from Dutch development finance institution FMO, two people aware of the development said.

“Azure has recently raised debt financing from FMO to the tune of Rs200 crore. The funds will be used by Azure to invest in the development of its ongoing projects and those in the pipeline,” said one of the two people cited above, requesting anonymity as he is not authorized to speak to reporters. “The company has close to 300 megawatts (MW) of projects under development as of today.”

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