Azure Power Global Limited, an India-based company, has completed a ₹24 billion (~$288 million) refinancing, structured as an INR Term Loan, underwritten by REC Limited. According to Azure Power, this refinancing enabled the prepayment of its $350 million (~$4.2 million) Green Bonds, initially issued in 2019 for 10 solar projects commissioned between 2016 and 2019. These bonds were scheduled to mature in December 2024. This move strengthens Azure Power’s financial position and supports further growth in India’s renewable energy sector. Additionally, Azure Power completed a ₹13 billion ($156 million) refinancing with HSBC for its 300 MW solar project in Jodhpur, operational since March 2023. India Infradebt Limited also participated, reinforcing strong financial backing for Azure’s expanding 4.3 GW renewable energy portfolio.
Azure Power finalizes ₹24 billion refinancing with REC Limited
The $350 million Green Bonds, issued in 2019, were prepaid by Azure Power ahead of the 2024 maturity date. (Image Source: Azure Power)
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