SBI-World Bank lending to expand Roof Power platform.

Azure Power (NYSE: AZRE) has been granted Rs.678.3 crore (US$ ~10.5) million of low-cost debt financing through the SBI-World Bank: Grid Connected Rooftop Solar PV Program.

The loan is for 15 years with an interest rate of 8.35% per annum, one of the lowest interest rates availed by a solar power developer in the Indian solar sector to date. The loan will be utilized to scale Azure Roof Power, Azure Power’s solar rooftop platform.

Speaking on this occasion, Inderpreet Wadhwa, Chairman, and Chief Executive Officer, Azure Power said, “We are pleased to announce our partnership with SBI and World Bank which will enable us lower the energy bills of our customers by providing clean and sustainable solar energy. We are excited to expand our Azure Roof Power platform in India with the support of SBI and World Bank.”

Under the SBI-World Bank: Grid Connected Rooftop Solar PV Program, the World Bank and the International Bank for Reconstruction and Development (IBRD) approved a line of credit of $625 million to support the Indian Government’s goal to expand rooftop solar to 40,000 MWs.

Azure Power is a leading solar power producer in India with a portfolio of over 1,000 MWs across 18 states. fii-news.com