Azure Power Global has announced the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited.

Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.

The bonds were set to mature in December 2024.

In September 2023, the company had announced that it was prepaying the green bonds. The $350 million green bonds were listed in Singapore. In March 2024, the company paid $40 million of the green bonds using its surplus cash flows.

Azure has refinanced more than $500 million of debt in the current financial year.

Azure Power completed a ₹$13 billion (~$155 million) refinancing transaction with HSBC for its 300 MW solar power project in Jodhpur, Rajasthan. The project has been operational since March 2023 under a long-term offtake agreement with the Solar Energy Corporation of India.

In 2021, the company issued the third green bond with the lowest coupon ever for a renewable energy company in India.

Azure Power has a portfolio of over ~4.3 GW of renewable energy assets, including 3 GW of operational capacity and ~1.2 GW of contracted and awarded capacity..

In August, it secured a 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.

Earlier this year, the Central Electricity Regulatory Commission directed Solar Energy Corporation of India 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.

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.