Azure Power India Private Limited (FMO-51212)

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
  • Netherlands Development Finance Company (FMO)
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
Sep 26, 2017
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 India Private Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
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)
$ 29.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1900
Converted using 2017-09-26 exchange rate.
Loan Amount (USD)
$ 29.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1900
Converted using 2017-09-26 exchange rate.
Project Cost (USD)
$ 29.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 1900
Converted using 2017-09-26 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 7, 2018

Disclosed by Bank Oct 10, 2017


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Project Description

According to FMO website, the project aims to fund the development and construction by AZI of new solar projects in India. This will help alleviate India’s dependence on fossil fuels and to support India’s goal of reaching 100 GW of installed solar capacity by the end 2022. Further, FMO funds this project as it provides an additional source of clean, renewable energy to India. India currently has a demand for electricity that exceeds its reliable generation capacity, resulting in frequent power outages. Furthermore, much of India’s current power is supplied by (imported) coal. By funding AZI FMO contributes to increasing India’s power supply, reducing blackouts and replacing fossil fuel generation with low cost, renewable solar energy. 

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism