Renewable power producer Azure Power has secured project refinancing of ₹13 billion (~$154.86 million) from HSBC for its 300 MW solar power project near Jodhpur, Rajasthan. The debt has been amortized for 21 years.

The project, operational since March 2023, has a long-term offtake agreement from the Solar Energy Corporation of India (SECI).

Azure Power has a portfolio of over 4.3 GW of renewable energy assets in India.

In May, the Central Electricity Regulatory Commission issued an order directing SECI and distribution companies to compensate Azure Power‘s special purpose vehicle companies, Azure Power Maple and Azure Power Forty One, for the additional expenditure incurred due to the installation of bird diverters on transmission lines in the Great Indian Bustard (GIB) habitat.

Azure Power Maple had set up a 300 MW solar power project in Rajasthan after winning a bid by SECI in 2019 to supply power at ₹2.54 (~$0.030)/kWh. Azure Power Forty One also won another SECI bid in 2019 to set up a 300 MW solar project in Rajasthan at ₹2.58 (~$0.031)/kWh. The projects were commissioned in 2022 and 2023 respectively.

Azure Power Maple had installed 4,834 bird diverters at a cost of ₹9.89 million (~$118,000) for its 300 MW project, and Azure Power Forty One installed 1,253 bird diverters at a cost of ₹2.57 million (~$30,700) for the other 300 MW project.

The compensation was ordered in the context of a Supreme Court order that mandated the installation of bird diverters on all existing and future overhead power lines in the priority and potential habitats of the GIB.

In 2022, Azure signed an agreement with Premier Energies Group to procure solar cells and modules up to 600 MW annually for four years.

In the same year, Azure commissioned a 90 MW solar power project in Assam with a 25-year power purchase agreement with the Assam Power Distribution Company.