FMO signs agreement to co-finance largest solar rooftop project in India
During a Dutch trade mission to India in May, FMO signed an agreement to co-finance the development of 200 MWs worth of solar rooftop projects across India. Together with International Finance Corporation (IFC) and other leading development finance institutions Proparco and OeEB, FMO will invest USD 135 million in India’s leading independent solar power producer Azure Roof Power, making this the largest solar rooftop debt financing across India.
On this special occasion, FMO’s Chief Risk & Finance Officer Ms. Fatou Bouare, signed the agreement with Azure in the presence of the Prime Minister of the Netherlands, Mr. Mark Rutte and Ambassador of the Netherlands to India, Alphonsus Stoelinga.
Linda Broekhuizen, Chief Investment Officer FMO states: “FMO is committed to making a positive impact on green financial development. Earlier, we invested approximately USD 30 million in Azure Power. This will be our second investment in the company, which is testament to FMO’s commitment to clean energy initiatives in India and our support to Azure Power.”
Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power commented: “We are pleased to announce the largest solar rooftop financing in India. 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. Rooftop financing in India remains challenging and this facility is a testament to our strong financing, project development, engineering and execution capabilities. We are delighted to make this contribution towards the realization of India’s ambitious rooftop targets and our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”
Azure Roof Power offers superior rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India to lower their energy bill and meet their greenhouse gas (GHG) emission reduction targets. With over 190 MWs of high quality, operating and committed solar assets across 23 states, Azure Roof Power has one of the largest rooftop portfolios in the country. Azure Roof Power has a well-diversified customer base with majority portfolio contracted with Government of India backed entities.
For more information on FMO visit www.fmo.nl