Azure Power Refinances Its 600 Ws ISTS Connected Solar Project at The Lowest Rate of Interest in Its Portfolio to Date

It is the largest owned and operated single site solar project in India, fully commissioned in December 2021
The rate of interest of 7.2% p.a. – xed for 42 months – is the lowest in terms of rupee nancing for Azure Power

PVTIME – Azure Power (NYSE: AZRE), a leading independent sustainable energy solutions provider and power producer in India, today announced successful re nancing of its existing project nance facility of INR 23.50 billion (~USD 313 million) utilized towards construction of its largest project – 600 MWs Interstate Transmission System (ISTS) connected solar project implemented by Azure Power Forty Three Pvt Ltd, a Special Purpose Vehicle (SPV). The project was fully commissioned recently in December 2021. The re nancing has been completed at a rate of interest of 7.2% per annum, which is xed for 42 months and the lowest rate of interest for any project nance facility in terms of rupee nancing for the company’s existing
portfolio so far.

“Re nancing the original term loan was one of our highest priorities, even before the project was fully commissioned in December 2021. The facility will result in substantial savings in interest cost and will improve the project IRR signi cantly. We are overwhelmed with the response we get from the credit markets which basically re ects lenders’ con dence in our strong corporate governance standards, operational capabilities, and credit fundamentals,” said Pawan Kumar Agrawal, Chief Financial O cer,
Azure Power.

L&T Finance Limited has acted as the sole underwriter for this re nancing facility.