OPIC Lends $20 Million For Rooftop Solar Power Systems In India

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The Overseas Private Investment Corporation has backed the development of rooftop solar PV systems in India.

SAM Consultant, a US-based finance firm and a facilitator of the Overseas Private Investment Corporation (OPIC) in India, has lent $20 million to Azure Sunlight, which will be used for the implementation of 19 MW of rooftop solar PV projects.

Azure Sunlight is a subsidiary of one of India’s leading solar power projects developer, Azure Power, will be the turnkey construction contractor, and will also handle the operation and maintenance of the projects. Azure Power has been actively participating in the central and state-level solar power auctions since 2009, and has very ambitious plans to expand its footprint in the Indian solar power sector, pledging to install 11 GW of solar power capacity over the next 7 years.

The company is arguably among the pioneers in the Indian solar power sector. It commissioned the first MW-scale solar power project to be commissioned in the country by a private sector company, and it also commissioned the first solar power project under the National Solar Mission. The company also commissioned India’s first MW-scale rooftop solar power project in Gujarat.

Earlier this year, OPIC signed a memorandum of understanding to provide $1 billion lending support to small and medium enterprises to implement renewable energy projects, including rooftop solar power systems.

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