What is Azure Power?
Founded in 2008 and headquartered in New Delhi, Azure Power specializes in the design and operation of utility-scale solar panel installations throughout India. The company has established itself as a key contributor to the nation's renewable energy infrastructure, focusing on developing and managing solar power projects that address the growing demand for clean energy solutions. Its operational footprint spans various locations, highlighting its commitment to expanding solar energy accessibility.
How much funding has Azure Power raised?
Azure Power has raised a total of $919M across 10 funding rounds:
Series B
$10M
Series C
$13.6M
Debt
$20M
Stock Offering
$61.4M
Debt
$10.5M
Debt
$30.5M
Debt
$135M
Debt
$400M
Share Placement
$75M
Other Financing Round
$163M
Series B (2010): $10M with participation from Foundation Capital, International Financial Corporation, and Helion Venture Partners
Series C (2011): $13.6M led by KFW Bankengruppe
Debt (2016): $20M supported by Overseas Private Investment Corporation
Stock Issuance/Offering (2016): $61.4M featuring Undisclosed
Debt (2017): $10.5M backed by SBI - World Bank
Debt (2017): $30.5M with participation from FMO
Debt (2018): $135M led by OeEB, International Finance Corporation, FMO, and Proparco
Debt (2018): $400M supported by Caisse de depot et placement du Quebec
Share Placement (2019): $75M featuring Caisse de depot et placement du Quebec
Other Financing Round (2021): $163M backed by MUFG Bank
Key Investors in Azure Power
Caisse de depot et placement du Quebec
Founded in 1965, Caisse de dépt et placement du Québec is a full service portfolio investment company managing institutional funds, primarily from public and private pension and insurance funds in Quebec. The company is headquartered out of Montreal, Quebec.
MUFG Bank
MUFG Bank, Ltd. is Japan's premier bank, with a global network spanning around 50 countries. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide. Headquartered in Tokyo.
FMO
FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.) is the Dutch entrepreneurial development bank, a public‑private institution majority‑owned by the Dutch state that provides long‑term loans, guarantees, and equity investments to private companies and financial institutions in emerging markets to stimulate sustainable private‑sector development.
What's next for Azure Power?
The substantial enterprise-level funding and recent strategic investment signal a robust growth phase for Azure Power. This capital infusion is expected to fuel further expansion of its solar project portfolio, enhance technological capabilities, and potentially explore new markets or service offerings within the renewable energy domain. The company's trajectory suggests a continued focus on consolidating its market position and driving sustainable energy development in India.
See full Azure Power company page
