Azure RG (IFC-40099)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 28, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
AZURE POWER ROOFTOP (GENCO.) PRIVATE LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 29, 2019

Disclosed by Bank May 31, 2018


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Project Description

This IFC investment involves a debt financing and mobilization of senior loans to Azure Power Rooftop (GenCo) Private Limited, based in India. Azure Power Rooftop (GenCo) Private Limited is a subsidiary owned by IFC’s existing client Azure Power Global Limited which is a leading solar power company in India and has in-house capacity to undertake engineering, procurement & construction and operations & maintenance services for its solar power plants.  

Following are the two proposed objectives of the project:

1. Increasing clean energy production: Contributing to meeting India's energy demand by using an environmentally friendly source of energy.

2. Climate change mitigation: The investment will support clean energy production with associated avoidance of greenhouse gas emissions.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Azure Power Global Limited is a leading solar power company in India and has in-house capacity to undertake engineering, procurement & construction and operations & maintenance (O&M) services for its solar power plants.

Contact Information

For inuiries about the project

Azure Power 
Rajesh Puri 
Sr. VP Finance 
011-49409800 
Rajesh.puri@azurepower.com 
Worldmark 3, AerocityNew Delhi - 110037 
http://www.azurepower.com 

For inquiries and comments about IFC

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local access for project documentation

Azure Power
3rd Floor, Asset 301-304 and 307
Worldmark 3, Aerocity
New Delhi – 110037

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/