32148 - Azure Rooftop

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Summary of Investment Information

Project Number

32148

Company Name

AZURE SUN ENERGY PRIVATE LIMITED

Date SPI Disclosed

Jun 14, 2012

Country

India

Region

South Asia

Projected Board Date

Aug 7, 2012

Environmental Category

C - No Impact

Status

Completed

Last Updated Date

Dec 22, 2023

Department

Regional Industry - INF Asia & Pac

Industry

Infrastructure

Previous Events

Approved : Mar 11, 2013
Signed : May 24, 2013
Invested : Dec 10, 2013

Sector

Solar - Renewable Energy Generation

Additional Project Attributes

Public-Private Partnerships

Project Description

Azure Sun Energy Private Limited (“Azure Sun”) is a 100% subsidiary of Azure Power India Private Limited (“AZI”), an existing IFC client. Azure Sun has been awarded a 25-year concession to construct and operate a 2.5 MW rooftop solar power (“Project”) in Gandhinagar by the Government of Gujarat. This concession was awarded through a process of competitive bidding. The power generated under the Project will be sold at a pre-agreed tariff to Torrent Power Limited (“TPL”), a privately owned distribution company that holds the license for electricity distribution in Gandhinagar and several other cities in Gujarat. About 80% of the roof top solar panels will be installed on the roofs of government buildings, while the balance 20% will be installed on the roofs of privately-owned buildings.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	4.60
Equity

Development Impact

1. Demonstration effect: The Project will serve as a role model for rooftop generation of solar power. It is expected that after implementation of the Project, the Govt. of Gujarat will roll out larger rooftop programs in Gandhinagar as well as other cities in the state. Other states such as Rajasthan are also expected to follow suit.

2.Private Sector Development in Solar Rooftop Energy Generation: The Project is first public private partnership (PPP) for rooftop solar generation. IFC support to a roof top solar project will help to attract other potential sponsors to such nascent clean energy program.

3. Contribution to Climate Change Mitigation: The Project helps mitigate adverse climate change impacts by tapping in to clean and renewable energy source.

1. Provision of Long Local Currency Financing: : IFC will provide a long-term local currency loan that will make the project more viable. Although funding for renewable energy project is available in India, but such long term funding, which makes the renewable energy project more viable, are not available yet. IFC''s debt will help the Project in managing appropriately the uncertainties associated with variations in currency exchange rates

2. Catalytic role in attracting other Financiers: The rooftop solar program is at a very early stage in India. While IFC has previously provided financing to NDPL for its rooftop project in Delhi, the business model there was very different as NDPL was essentially supplying to itself. This Project is a true public private partnership (PPP) that involves a government concession to a private sector company for generating and supplying electricty to a power offtaker. IFC''s financing will show viability for such clean energy projects that will attract other financiers to provide funding for future rooftop solar PPPs. Without IFC''s financing, the Company would run the potential risk of not raising planned capital in a timely manner, thereby delaying the execution of a high development impact project

E&S Category Rationale / Risks and Mitigation

Contacts

For Inquiries About the Project, Contact

Azure Sun Energy Private Limited
C/o Azure Power India Private Limited
8, Local Shopping Complex, Madangir
Ground Floor, Pushp Vihar,
New Delhi – 110062, India
Phone - +91. 11. 49409800

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Local Access of Project Documentation

A/93 Mayfair Apartments,
Behind D-Mart,
Nr. Shivranjani Cross Roads, Satellite,
Ahmedabad 380015
Gujarat, India

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