Published on September 26th, 2016 | by Saurabh0
Indian Solar Developer Azure Power Launches IPO
September 26th, 2016 by Saurabh
Nine months after filing papers for an Initial Public Offering (IPO) at the New York Stock Exchange (NYSE), India-based Azure Power has finally made the offer public.
According to media reports, Azure Power, and its shareholders, will offer a total of 6.82 million shares in the price range of US$21-23 per share. Proceeds from the public offer, likely to be just under $113 million, will be used to cover operational costs of the company as well as equity investment towards future projects.
Recently, Indian media outlets reported that Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) is looking to invest $180 million and pick up a 35% stake in Azure Power. Exiting investors in Azure Power International Finance Corporation (IFC) — Foundation Capital, Helion Ventures, and German development bank DEG — are expected to sell a portion of their stake.
Another Canadian company — Brookfield — was also reportedly looking to invest in the company, eyeing a minority stake in Azure Power for Rs 500 crore (US$75 million).
Azure Power is among the pioneering solar power project developers in India. The company set up the first utility-scale solar power project in India in 2009. It also claims to have the largest portfolio under the National Solar Mission, with 900 MW capacity at various stages of operation and development across 15 states.
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.
Follow CleanTechnica on Google News.
It will make you happy & help you live in peace for the rest of your life.