Indian Solar Power Developer Azure Power Files For NYSE Listing

One of India’s leading solar power project developers, Azure Power, is looking at equity markets to raise funds to expand generation capacity.

Azure Power, one of the pioneering large project developers in the Indian solar power market, has filed for an initial public offering (IPO) at the New York Stock Exchange. The company reported that it operates 17 large-scale and a number of rooftop solar power projects with combined capacity of 242 MW.

The company is working on 11 additional projects with a combined capacity of 244 MW. It recently won 150 MW in an auction under the Punjab solar power policy and another 100 MW in Andhra Pradesh. The company operates the largest solar power project (100 MW) commissioned under the National Solar Mission central government auctions.

Azure Power has pledged to install 11 GW of solar power capacity over the next 5-7 years. The company is facing the same problem that several of its competitors are trying to solve. With rapidly falling tariff bids and increasing competition in auctions, project developers are looking to raise equity as well as debt finance to expand their capacity base.

Several other renewable energy project developers in India have raised equity financing over the last few months by selling stakes in the company or projects.