COVID-19 Liquidity Support Project (ADB-54241-001)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Andhra Pradesh, Bihar, Chhattisgarh, Delhi, Gujarat, Karnataka, Maharashtra, Punjab, Rajasthan, Tela
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 20, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 22.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 0.30 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 22
Converted using 2020-10-20 exchange rate.
Project Cost (USD)
$ 30.90 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS Aug 18, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Financing provided to Azure Power India Private Limited (APIPL) will be used as liquidity support for APIPL to mitigate the impact of COVID-19 on the economic activity in India.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Azure Power Global Limited (APGL) is the holding company and directly owns 97.75% of APIPL. APGL also owns 100% of Azure Power Rooftop Private Limited, which was incorporated in FY2018 and owns 100 MW of operational rooftop solar projects. All the assets owned by APGL are held through APIPL or Azure Power Rooftop Private Limited. APGL has been listed on the New York Stock Exchange (NYSE) since 2016 and had a market capitalization of $1.13 billion as of 4 September 2020. APGL is owned by institutional shareholders such as CDPQ Infrastructures Asia Pte Limited and, the International Finance Corporation (IFC) 8 CDPQ Infrastructures Asia Pte Limited is a company incorporated in Singapore and is a wholly owned subsidiary of Caisse de dépôt et placement du Québec (CDPQ).9 CDPQ manages about $250 billion of funds primarily for public and parapublic pension and insurance plans for all the citizens residing in Québec, Canada. Other shareholders of APGL include Helion Venture Partners Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Management Limited (United Kingdom), Jefferies LLC, Proparco and Franklin Bissett Investment Management.10 (Confidential information redacted.)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

APIPL is an independent solar power producer in India.

APIPL, incorporated in February 2008, develops grid-connected as well as rooftop solar photovoltaic power projects in India. APIPL was one of the early entrants in the solar power development sector in India and now has 1,718 megawatts (MW) of operational solar power capacity spread across 11 states. 7 APIPL’s operational capacity has increased at a compound annual growth rate of 84.8% from 2 MW in FY2009 to 1,718 MW in FY2020.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of disclosure. 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

How it works

How it works