Azure Power to Repay USD 310 Million Green Bonds Ahead of Maturity
Azure Power will prepay green bonds worth USD 310 million maturing in December 2024. The bonds, backed by seven utility projects, were issued in 2019 for USD 350 million. The refinancing, led by REC Limited, is valued at Rs 24 billion and covers projects across multiple Indian states.
- Country:
- India
Sustainable energy solutions provider Azure Power announced on Monday its intention to prepay green bonds totaling USD 310 million, originally set to mature in December 2024.
According to a company statement, these bonds, known as RG II, are supported by seven utility projects commissioned from 2016 to 2019. The refinancing effort, valued at approximately Rs 24 billion, is structured as an INR Term Loan, fully underwritten by REC Limited. These projects, with a cumulative capacity of 615 MW, are located in Punjab, Maharashtra, Uttar Pradesh, Andhra Pradesh, Gujarat, Karnataka, and Rajasthan. Initially issued in 2019, the bonds amounted to USD 350 million and are listed on the Singapore Exchange.
Sunil Gupta, CEO at Azure Power, highlighted the firm's solid market position and ability to secure funding on favorable terms. Group Chief Financial Officer Sugata Sircar emphasized the continuous assessment of their portfolio to optimize project funding. The refinancing further signifies Azure Power's dedication to sustainable growth and strengthening India's renewable energy sector.
(With inputs from agencies.)
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