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Azure Power has raised $160.0M across 3 funding rounds.
Key people at Azure Power.
Azure Power has raised $160.0M in total across 3 funding rounds.
Azure Power is an independent renewable power producer based in New Delhi, India, that develops, constructs, and operates utility-scale solar, wind, and hybrid energy projects. The company generates revenue through a build-own-operate model, selling electricity under long-term fixed-price power purchase agreements to government utilities and commercial enterprises. Operating with a workforce of 501 employees, the organization manages a pan-India renewable energy portfolio exceeding 7 gigawatts, which includes more than 4 gigawatts of operational capacity. Its major financial backers include institutional investors such as CDPQ, OMERS Infrastructure, and IFC, while its primary power purchasers feature state entities like the Solar Energy Corporation of India and NTPC. The enterprise historically developed the country's first private utility-scale solar project and issued a solar green bond listed on the Singapore Stock Exchange. Azure Power was founded in 2008 by Inderpreet Wadhwa.
Azure Power has raised $160.0M in total across 3 funding rounds.
Azure Power's investors include International Finance Corporation, OeEB, Proparco, Foundation Capital, Rob Theis, Helion Advisors.
Azure Power Global Limited is a leading independent power producer and developer of utility-scale solar photovoltaic (PV) power plants in India, headquartered in New Delhi.[1][2][3] The company builds and operates large grid-scale renewable energy projects, supplying power to government utilities, independent industrial, and commercial customers via long-term fixed-price contracts, often at or below prevailing alternatives, with a mission to create stakeholder value and displace 230 million tons of global emissions by 2030.[3][4] It serves India's energy needs by solving the challenge of reliable, affordable clean energy, boasting over 7 GW in total capacity (with more than 3 GW operational and additional pipeline projects), including India's largest single-site 600 MW solar project in Bikaner, Rajasthan.[1][2][3] Growth has been rapid since pioneering the sector, driven by operational expertise and a pan-India portfolio.[2][3]
Azure Power was founded in 2008 by Inderpreet Wadhwa, marking its entry into India's nascent solar market.[1] The pivotal early milestone came in 2009 with the commissioning of its 2 MW facility in Awan, Punjab—India's first utility-scale solar power plant—which powers 32 villages and 20,000 people, demonstrating immediate traction and proving the viability of large-scale solar in the country.[1][2][3] Backed by investors like Foundation Capital, Helion Ventures, IFC, DEG, and majority shareholder Caisse de dépôt et placement du Québec (CDPQ) holding over 50% of shares, the company scaled up.[1] A landmark achievement was its 2016 IPO on the New York Stock Exchange, raising about $161 million as the first Indian energy firm listed there, fueling further expansion.[1]
Current leadership includes CEO Sunil Gupta, COO R. Narasimhan Iyer, and Group CFO Sugata Sircar.[1]
Azure Power rides India's explosive renewable energy wave, fueled by government mandates for clean energy transition, net-zero commitments, and surging demand to electrify remote areas and industries.[1][3][4] Its early entry aligned perfectly with policy shifts like solar subsidies and auctions, positioning it as a market leader amid global decarbonization pressures and India's goal to expand renewables capacity massively.[2][3] Favorable market forces include falling solar costs, abundant sunlight, and investor interest from institutions like CDPQ and IFC, enabling Azure to influence the ecosystem by setting benchmarks for utility-scale execution, displacing fossil fuels, and powering communities—exemplified by its Punjab plant serving 20,000 people.[1][5][6] This leadership accelerates India's energy independence and sustainable development.
Azure Power is primed for continued dominance in India's solar boom, leveraging its 7+ GW pipeline to capture more auctions and expand capacity amid rising renewable targets.[1][3] Trends like advanced PV tech, hybrid projects, and energy storage integration will shape its path, potentially boosting efficiency and revenue stability despite PPA uncertainties.[3] Its influence may evolve toward global exports or diversified renewables, solidifying its role as a clean energy powerhouse—from that groundbreaking 2009 Punjab plant to powering millions tomorrow.[1][2]
Azure Power has raised $160.0M across 3 funding rounds. Most recently, it raised $135.0M Other Equity in May 2018.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 31, 2018 | $135M Venture Round | — | International Finance Corporation, Oeeb, Proparco | Announced |
| Jun 1, 2014 | $15M Series F | — | Foundation Capital, ROB Theis | Announced |
| Mar 1, 2010 | $10M Series B | International Finance Corporation | Foundation Capital, ROB Theis, Helion Advisors | Announced |
Key people at Azure Power.
