Azure Power to get $70.35 from US Exim Bank for solar project

NEW DELHI, May 25: Azure Power will receive long- term financing of USD 70.35 million (about Rs 390 crore) from the US Exim Bank for the expansion of its solar power plant in Rajasthan.
Export Import Bank of the United States (US Exim Bank) would provide USD 70.35 million long-term funding for the solar project at Naguar, Rajasthan, the company said in a statement today.
The funding would be utilised for augmenting the Nagaur plant’s capacity to 40 MW from existing 5 MW. The project is expected to be operational by February 2013.
“This investment enables the expansion of our Nagaur PV facility to 40 MW, the largest solar PV project to be developed at a single location in India under the National Solar Mission,” Azure Power CEO Inderpreet Wadhwa said.
The 5 MW plant was commissioned in December last year. Once the 40 MW is fully operational, the project would help in reducing carbon emissions of up to 66,000 metric tonnes per year. It would be the “equivalent of removing about 12,000 cars off Indian roads per year,” the firm noted.
According to the company, it is on track to complete an investment of Rs 1,000 crore in the Indian solar sector by March 2013. (PTI)

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