Azure Power refinances its 600 MW ISTS connected solar project

Azure Power has announced successful refinancing ofits 600 MW solar power project in Bikaner, Rajasthan,at the interest rate of 7.2 per cent per annum.

The company has refinanced its existing project finance facility of Rs 23.50 billion utilised towards construction of its largest project, the 600 MW interstate transmission system (ISTS) connected solar project implemented by Azure Power Forty-Three Private Limited. The refinancing has been fixed for 42 months at the lowest rate of interest for any project finance facility in terms of rupee financing for the company’s existing portfolio so far. The project was fully commissioned in December 2021. Larsen and Toubro (L&T) Finance Limited has acted as the sole underwriter for this refinancing facility.