Azure Clean Rajasthan-40 MW

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Azure Clean Energy Private Limited plans to set up a 40 MW solar photovoltaic (PV) plant (the “project”) in Nandiya Kalan & Hardhani villages in Baori Tehsil of Jodhpur district in the state of Rajasthan, India. The site setting is rural and the project is the first solar plant that will be developed in the area. Azure has plans to develop another 60 MW capacity solar PV plant in the same area. Azure Clean Energy Private Limited is a special purpose vehicle of Azure Power India Private Limited (the "sponsor"), an independent power producer which builds, owns and operates small and medium-scale solar power plants in India. Currently, it has installed capacity of 56 MW of solar projects across Punjab (2MW), Rajasthan (40 MW) and Gujarat (10 MW). Azure also provides EPC and O&M services for all its plants (both under construction and operational). The project was awarded in a process of competitive bidding organized by Solar Energy Corporation of India ("SECI"). The bid criteria was reverse bidding on viability gap funding i.e. lowest subsidy requirement. The project will be built on a build-own-operate ("BOO") model. The project company has signed a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (“SECI”) for 25 years. The total project cost is estimated at $43.7 million to be funded in D/E ratio of 76/24. The sponsor will contribute USD $ 10.6 million and the total of USD $33.1 million will be contributed by IFC (USD $ 13.9 miilion), IREDA (USD $ 14.1 million) and IIFCL (USD $5.1 million). Source: i) http://ifcextapps.ifc.org/ifcext/spiwebsite1.nsf/651aeb16abd09c1f8525797d006976ba/55a22df1aefba23585257d42005e12af?opendocument ii) Pratibha Bajaj from IFC India who is the IO for this investment