Azure Power, an independent solar power producer with over 2,000 MW solar portfolio, has announced raising $135 million from International Finance Corporation, a private lending arm of the World Bank, and three European development banks.

FMO - the Dutch development bank, Société de Promotion et de Participation pour la Coopération Economique (Proparco) – the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) – the development bank of Austria have extended funds to the developer.

The proceeds will be used to finance approximately 200 MWs of Azure Power’s solar rooftop projects across India, the company said. “This financing will enable us to rapidly expand our Azure Roof Power platform in India and lower the energy bills of our customers by providing clean and sustainable solar energy,” said Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer.

The rooftop business of Azure Power caters to commercial, industrial, government, and institutional customers and has 190 MWs of operating and under commission solar assets across 23 States. Delhi Metro Rail Corporation, Indian Railways, a Delhi water utility company and various Government of India Ministries are among some of the company's major customers.

In the last financial year, India has missed its rooftop solar PV target with only 352 MW installed against the Ministry of New and Renewable Energy (MNRE) yearly target of 1GW, according to Bridge to India estimated total rooftop solar capacity at 2,101 MW as on December 31, 2017.

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