Azure Power To Expand PPA Solar Model in India

Azure Power, a solar IPP (Independent Power Producer) that has several projects under development in India, announced the closing of a Series A funding from Helion Venture Partners and Foundation Capital.

The amount of the funding was not disclosed.

Azure Power operates under the power purchase agreement (PPA) model, building and owning solar power systems that are located at customer sites. The customer then pays a fixed price for the solar power that is generated from the system, withouth having to pay the up-front costs for the system.

Azure Power assumes all
responsibilities for owning, building, and operating
the power-generation, while the customers enjoy all the economic and
marketing benefits of renewable power.

The investment will be directed towards scaling-up Azure Power’s operations in India.

Commenting on the investment received, Mr. Inderpreet Wadhwa, CEO of Azure Power India says, "Solar power is the most promising source of renewable energy and our implementations complement existing sources of electricity. We offer a portfolio of solar energy solutions for commercial, government and utility customers. This area is a huge focus for the government of India in the 11th five year plan. We are excited about the opportunities that this current flow of funds will provide us with to further expand our operations within India."

Helion Ventures is a multi-stage, India-focused venture fund with $350 million under management. The fund invests in businesses that are either technology-powered or catering to the Indian consumer services space. For more information visit http://www.helionvc.com

Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $2.4 billion. For more information visit http://www.foundationcapital.com.