Azure Power Secures REC & HSBC Refinancing, Completes Early Bond Prepayment
Azure Power Global Limited, a leading independent power producer in India, has announced that it has secured refinancing from REC Limited and HSBC for its existing debt facilities. The company has also successfully completed the early prepayment of its 2024 bond. This refinancing and prepayment represent significant milestones in Azure Power’s journey towards financial sustainability and operational efficiency.
The refinancing agreement with REC and HSBC involves a debt restructuring of Azure Power’s existing debt facilities, providing the company with enhanced terms and conditions. The restructuring will allow Azure Power to optimize its debt portfolio and access a wider range of financing options, enabling the company to further strengthen its financial flexibility. This will enable Azure Power to focus on expanding its renewable energy portfolio and achieving its long-term growth targets.
In addition to refinancing, Azure Power has also successfully prepayed its 2024 bond, demonstrating the company’s commitment to proactively managing its debt profile and maximizing shareholder value. The prepayment will significantly reduce the company’s debt burden and enhance its financial standing. This proactive approach towards debt management underlines Azure Power’s strong financial position and its focus on delivering long-term value to its investors.
Commenting on the refinancing and bond prepayment, Mr. Ranjit Gupta, Chief Executive Officer of Azure Power, said, “We are delighted to have secured this refinancing from REC and HSBC, which reinforces our commitment to long-term value creation. These transactions demonstrate our strong financial position and ability to optimize our capital structure. The prepayment of the 2024 bond signifies our focus on debt management and achieving financial sustainability. These initiatives further enhance our ability to continue delivering on our promise of sustainable, affordable energy solutions for our customers and contribute to India’s clean energy transition.”
Azure Power is committed to its mission of providing sustainable energy solutions across India. With a focus on long-term growth and financial discipline, Azure Power aims to continue playing a key role in India’s transition to a clean energy future. These recent refinancing and prepayment activities mark a significant step in that direction.
About Azure Power
Azure Power is a leading independent power producer in India, focused on developing, building, owning and operating utility-scale solar power projects. As a vertically integrated player, Azure Power has capabilities across the entire solar value chain, including project development, engineering, procurement and construction (EPC), and operations and maintenance (O&M). Azure Power is committed to delivering clean, sustainable energy solutions that contribute to a brighter future for all. For more information, please visit the company’s website at www.azurepower.com.
About REC Limited
REC Limited (formerly Rural Electrification Corporation Limited) is a Navratna company under the Ministry of Power, Government of India. It is a leading financial institution that provides financial assistance for the development of power projects in India. REC Limited plays a crucial role in promoting and developing the power sector in India, ensuring access to clean and reliable energy for all.
About HSBC
HSBC is a leading global banking and financial services organization with a long-standing presence in India. HSBC provides a wide range of banking and financial services to businesses and individuals in India, supporting economic growth and innovation. HSBC is committed to sustainable banking practices and is actively involved in promoting sustainable development across its operations.
