Azure Power Closes Series A Funding From Helion Ventures & Foundation Capital

Friday, Nov 21, 2008

Azure Power, the leading solar IPP (Independent Power Producer) with a diverse range of solar power projects, today announced the closing of a Series A funding from Helion Venture Partners and Foundation Capital. The Azure Power team has over 50 years combined experience in the Indian and US energy, finance and technology sector including power generation, transmission, and distribution and operations management. Azure Power has several grid and off-grid projects under development across several states in India.

The investment will be directed towards scaling-up Azure Power's operations in India. As a result of this investment, Mr. Sanjeev Aggarwal, Managing Director at Helion Advisors Pvt. Ltd. and Mr. Ashmeet Sidana General Partner at Foundation Capital will join the board of Azure Power.

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.

Source: MarketWatch