Azure Power India (first plants in Punjab and Gujarat)

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Azure Power India Private Limited was created to build, own and operate multiple independent solar power plants. The Company was founded by Inderpreet Wadhwa who has over 15 years of experience in the technology sector as an entrepreneur and with large corporations. In September 2008, the Company raised a Series A round from Foundation Capital (“Foundation”) and Helion Venture Partners (“Helion”). The first phase of the project was defined as the 4MW expansion in Punjab and a 8MW power plant in Gujarat. In total 12 MW. For the Punjab power plant Azure Power India had a 25 year power purchase agreement with Punjab State Electricity Board. the Punjab government offer a peak rate for sale of power from solar projects at Rs 8.93 per Kwh (kilowatt-hour) from 2011-12, higher than the Rs 3 to 4 per kwH it pays for conventional energy. But the cost was estimated at Rs 12-20 per kwh. For the Gujarat power plant, the company also had 25 year power purchase agreement with the state of Gujarat. The project cost of the first 12 MW was estimated to be approximately $60 million. IFC provided a $10 million quasi-equity investment to help finance the project in February 2010.OPIC also provided financing. The first MW of Punjab became operational in December 2010