Azure Power applies for listing on Nasdaq

The solar power company has presence across 11 states, with 142 Mw of projects

Azure Power, a Delhi-based solar energy producer, has applied for listing on the Nasdaq stock exchange in the US. Sources in the know said the company had applied in March to the Securities and Exchange Commission there for a proposed Initial Public Offer of equity shares.

The company did not respond to an e-mail seeking details on the listings plans of the company. However, senior executives at the company confirmed the development, requesting anonymity. Founder and chief executive Inderpreet Wadhwa said he would talk after a month.

Azure Inc was founded in the US by Wadhwa in 2007 and came in India the next year. It is now one of the leading entities in solar power project development and has presence across 11 states, with 142 Mw of projects.

IN A NUTSHELL

• Azure, founded in 2007 by Inderpreet Wadhwa in US, came to India in 2008
• The company has 140 Mw of solar power projects
• It has committed 11,000 Mw by 2022 in RE-Invest 2015
• Filed registration for IPO of equity shares in NASDAQ in March
• Likely finalisation in a month

 

Azure has committed to set up 11,000 Mw of solar power by 2022. A Silicon Valley veteran, Wadhwa, before founding Azure, was vice-president, products and oiperations, at Loyalty Lab and before that, was a decade in Oracle Corporation as senior director (applications development).

The first project the company took was 2 Mw grid-connected solar power plant for Punjab State Electricity Board, now lightin 4,000 homes in 32 villages. The company is currently funded by Helion Ventures Partners, International Finance Corporation and German investment company DEG. At the latest update, the company’s authorised capital was Rs 30 lakh.

Azure Power has outperformed the market and brought down the cost of energy by 54 per cent in the past two years.