”Azure’s Series B funding by world’s leading clean technology and infrastructure investors IFC, Helion Advisors and Foundation Capital, is a clear recognition of the potential of MW-scale solar power generation in India and Azure’s market leading role in the South Asian region” said Inderpreet S Wadhwa, Chief Executive Officer, Azure Power. “We have developed a strong pipeline across several states in India and have very aggressive plans to add distributed generation capacity. It won’t be too long before solar power transitions from the most promising renewable to the most credible renewable source for managing the peak power loads in the region as well as improve the livelihood of communities in rural India.”
In December, Azure Power opened its first 2-MW photovoltaic array in Punjab, which is the first and only private, utility-scale solar power plant in India. The facility provides electricity to 32 villages and 20,000 people in the Amritsar District of Punjab.
Over the next 12 months, Azure plans to implement several more MW-scale solar power plants across the country, having already signed agreements with the governments of Gujarat, Haryana and Karnataka. It is also in talks with state governments in West Bengal, Maharashtra and Rajasthan.
India suffers from serious power shortages (an energy deficit of 11%) and poor reliability of supply. Almost a third of the population does not have access to electricity. This low availability of power is critically hampering the country’s industrial growth and competitiveness. Solar power can make a difference because it is most abundantly available during the time of peak power loads.
The timing of Azure Power’s latest round of funding is significant as it coincides with the start of India’s ambitious National Solar Mission which has a target of 20,000 MW of solar power by 2020.
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