Azure Power raises $75 million from Canadian investor CDPQ

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New Delhi-headquartered Azure Power Global has announced completion of its previously announced US$75 million private placement. The developer raised the amount from Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) through sale of 6,493,506 equity shares at US $11.55 per share.

With this investment, CDPQ’s equity interest in Azure Power has increased to 49.4% from 41.4%.

Azure Power Global Limited has 47,636,078 shares outstanding as of December 13, 2019.

“With this capital raise, our current committed projects will be fully equity funded. The Indian solar market offers significant growth opportunity and with our differentiated integrated platform and strong access to capital, we look forward to delivering accretive growth going forward,” said Azure Power CEO Ranjit Gupta.

Azure Power—which has a pan-India portfolio of over 3 GW—recently bagged 2 GW of grid connected solar generation capacity, with an option to double the figure. The capacity was won under SECI’s manufacturing-linked tender, in return for committing to establish 500 MW of annual cell and module manufacturing capacity.

Azure has an agreement with an Indian solar panel manufacturer to jointly establish the production lines with Azure holding a majority stake and committing to an equity investment of around 26%.