Despite Indian solar industry's struggles, the developer Azure Power has managed to raise $400m in financing, including $185m from its first public follow-on offering on the New York Stock Exchange. CEO Inderpreet Wadhwa said the financing demonstrated the quality of the company's assets and products. Azure said the financing would be used to further its more than 2GW GW pipeline. Bridge to India reported a downturn in investment in the country's renewable sector, pressured by dwindling liquidity in the financial system and rising interest rates.
Despite Indian solar industry's struggles, the developer Azure Power has managed to raise $400m in financing, including $185m from its first public follow-on offering on the New York Stock Exchange. CEO Inderpreet Wadhwa said the financing demonstrated the quality of the company's assets and products. Azure said the financing would be used to further its more than 2 GW pipeline. Bridge to India reported a downturn in investment in the country's renewable sector, pressured by dwindling liquidity in the financial system and rising interest rates.