Proparco is continuing to support Azure Power, a photovoltaic operator based in India. This equity investment in the company's capital increase will allow it to develop and implement new projects.
Azure Power is a leading developer and operator of photovoltaic solar projects in India. The company was set up in 2008 by an entrepreneur, Inderpreet Wadhwa, in the context of the new solar energy development plan promoted by the Indian Government. When the company was set up, it initially used capital from venture capital funds, before attracting IFC, DEG and PROPARCO as shareholders.
After becoming a shareholder of Azure Power in 2013, PROPARCO is subscribing to the company’s capital increase for the second time. This financing will allow Azure Power to finalize the development and construction of additional photovoltaic projects until 2017.
This project, by supporting renewable energy development, will have a positive impact on the climate. It will reduce annual greenhouse gas emissions in India by some 462,000 teq CO2 and reduce the country’s dependence on fossil fuels. It is also in line with national solar energy development objectives. In addition, it will contribute to meeting growing electricity needs in India.
Inderpreet Wadhwa, Founder and CEO of Azure Power, describes his company's commitment to develop new solar power plants in India.