Azure Power secures REC and HSBC refinancing, completes early bond prepayment

Azure Power Global Ltd, a leading renewable power producer in India, has completed an Rs 24 billion refinancing transaction structured as an INR Term Loan underwritten solely by REC Ltd. 

This transaction enabled the company to prepay its $350 million Green Bonds, originally issued in 2019, which were set to mature in December 2024. These bonds were backed by 10 solar projects commissioned between 2016 and 2019.

Previously, Azure Power completed an Rs 13 billion refinancing transaction with HSBC for its 300 MW solar project in Jodhpur, Rajasthan. India Infradebt Ltd also participated in this project, which has been operational since March 2023 under a long-term agreement with the Solar Energy Corporation of India (SECI).

Azure Power’s renewable energy portfolio exceeds 4.3 GW, encompassing the development, construction, and operation of renewable energy projects across India.