Financing International Renewable Energy Projects in the ... · Ex-Im Bank is the first...

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Financing International Renewable Energy Projects in the

Year of Sustainability for All

Finance, Policy & Marketing Track

World Renewable Energy Forum

Karlynn Cory, moderator

14, May 2012

Financing International Renewable Energy Projects World Renewable Energy Forum Denver, Colorado May 13, 2012

Craig O’Connor, Director Office of Renewable Energy & Environmental Exports

U.S. Ex-Im Bank

► Independent agency of the U.S. government established in 1934 to finance the export sales of U.S.-made goods and services ► Provides Loan Guarantees, Export Credit Insurance, Working Capital Guarantees, and Direct Loans. ► Ex-Im Bank’s support for renewable energy and environmental exports mandated in its Congressional Charter since 1992 ► FY2010 tripled its portfolio of renewable energy projects to $330 million, and

doubled this to $721 million in FY2011. – Created the Office of Renewable Energy & Environmental Exports in 2008

► Environmental Exports Program offers enhancements: – Terms of up to 18-years for renewable energy projects – Up to 30% local cost support within the U.S. scope of supply. – Capitalization of interest during construction

► Ex-Im Bank financing is usually the most cost-effective source of financing for international customers to purchase U.S.-made technology

Direct Loan

▪ Direct Loans made by Ex-Im Bank to a foreign buyer ▪ Fixed interest rates based on a 1% spread over Treasury notes

– Interest rate for an 18-year Direct Loan is 3.17%

▪ The international borrower submits the Direct Loan application.

▪ Ex-Im Bank requires the buyer to make a cash payment to the exporter equal to at

least 15% of the U.S. supply contract. – 15% cash payment can either be borrowed from a lender or the exporter, or be

from the buyer’s own funds.

▪ Exporter paid with disbursement L/C or buyer is reimbursed

▪ A negotiated credit agreement required for a Direct Loan

▪ Shipping must be made on U.S.-flag vessel (except air shipments)

Ex-Im Bank + India

► Ex-Im Bank is the first international financing institution to approve a solar-power project under

India's National Solar Mission, and one of the first for Gujarat.

► Ex-IM Bank authorized a $16 million 16.6-year Direct Loan in July 2011 to finance a 5MW solar

power project in Rajasthan for Azure Power that used First Solar thin-film modules.

► Reliance Power Ltd. - 16.5-year Ex-Im Bank Direct Loan of $84.3 million to finance the 40MW

Dahanu Power Project in Rajasthan using First Solar modules under the National Solar Mission.

► Ex-Im Bank 12-year Loan Guarantee to PNC Bank for a $19 million loan to ACME Solar to finance

First Solar thin-film modules for 15MW project in Gujarat; 25-year PPA with GUVNL.

► Tatith Energies Gujarat Private Ltd. on Sept. 30, 2011 was authorized for a $19 million Direct Loan to finance their purchase ofSolarWorld modules for a 5MW project in Gujarat under GUVNL offtake

► Ex-Im Bank authorized a $9.2 million, 18-year loan for thin-film solar modules from Abound Solar, to Punj Lloyd Solar Power Ltd. for a 5MW solar power plant in Rajasthan.

► Ex-Im Bank authorized financing for $3.7 million corporate loan to Universal Solar for a 2MW ground-mount PV project in Ahmedabad using Miasole thin-film modules.

► The Bank also has about $500 million of India solar projects in the pipeline.

Case Study: Gamesa – Cerro de Hula, Honduras

► Ex-Im Bank’s $159 million 18-year fixed rate Direct Loan to the project

sponsor, Energía Eólica de Honduras S.A., (“EEHSA”) financed its purchase of

51 Gamesa G87 2-MW wind turbines for the 102-MW Cerro de Hula project.

► EEHSA has a 50-year concession to operate the project, and 20-year PPA

with the Honduran state-owned utility ENEE.

► The 18-year Direct Loan has a tailored semi-annual repayment term with a

weighted average life of 10.5 years = 21-year loan term.

► The project will be the largest in Central America, and will generate 6% of

Honduras power, and is the first utility-scale wind project in Honduras.

► The wind turbines will be manufactured at Gamesa’s Pennsylvania

manufacturing facilities.

► The project company is owned by Mesoamerica Energy is a renewable-

energy company that develops, builds, owns and operates wind projects and

other renewable-energy facilities in Central and Latin America.

Loan Guarantee

Guaranteed Loans made by commercial banks (U.S. or foreign) to a foreign

buyer with a 100% unconditional repayment guarantee from Ex-Im Bank

▪ Guarantee covers 85% of the U.S. content of the transaction.

▪ Negotiated interest rates, often floating rates based on spread over 6-month

U.S. dollar LIBOR rate; banks can also arrange fixed interest rates

▪ Loan fully transferable, can be securitized

▪ Banks often finance the 15% required cash payment

▪ Guarantee available in major foreign currencies

▪ Ex-Im Bank’s Local Currency Loan Guarantees can in turn support capital

market issues in local currency

Northern Power – Italy Community Wind

► Ex-Im Bank provided a 15-year Loan Guarantee in Euros worth U.S. $6.4 million to

Raiffeisen Bank (RBI International Finance) to finance the export of 15 Northern

Power™ 100 kilowatt permanent magnet direct drive wind turbines to community

wind projects in Italy.

►ARG Energie S.R.L. of Avelino, Italy is the borrower on the transaction with

PurEnergy, a leading wind energy developer based in Bisaccia, Italy, providing the

installation, operation, and maintenance of the turbines.

► This transaction represents the largest-ever U.S. export of small wind turbines!

►This transaction, processed under the Bank’s Renewable Energy Express Program,

marks the first time Ex-Im Bank has financed a community wind power project

supported on a project finance basis.

► The Italian Government has created an incentive program to promote the

expansion of grid-connected small wind power projects under 200 kilowatts.

► Energy produced by the small wind projects is eligible for an attractive feed-in-

tariff price that is fixed for 15 years.

Case Study: Jeoden Geothermal - Turkey

► Ex-Im Bank approved a $1.5 million Loan Guarantee in 2011 to finance the export of 3 modular Pratt & Whitney PureCycle geothermal power units. ► Jeoden Elektrik, the project sponsor, is an Istanbul-based company formed in 2010 to develop, construct, own, and operate renewable energy projects. ► Jeoden will own and operate a 750kW geothermal power plant project in Sarakoy, Denizli, Turkey. ► Electricity generated by the project will be sold under a 10-year PPA to TEDAS, the Turkish state-owned distribution company. ► The Turkish Renewable Energy Law provides a 10-year official feed-in-tariff of 10.5 U.S. cents per kW guaranteed by the Ministry of Energy. ► World Business Capital made the Loan with repayment guaranteed under Ex-Im Bank’s Medium-Term Insurance program. ► The loan was made to Jeoden on a corporate finance basis.

Case Study: - Generadora Trasandina - Chile

► Ex-Im Bank approved a 10-year $1.9 million Loan Guarantee in 2011 to finance the export of equipment for a biogas-to-energy system to Generadora Trasandina, S.A. of Chile ► The exporter, Applied Filter Technology, Inc. of Snohomish, WA, custom designs, installs and operates biogas-to-energy systems . ► Generadora Trasandina, S.A. will use the equipment in the “Proyecto Central Los Colorados” to capture methane gas from a municipal landfill to generate electricity. ► The electricity generated by the project will be sold under a 10-year PPA to KDM Energia y Servicios. ► The electricity from the project provides power to hundreds of homes and businesses in the City of Til-Til, in Central Chile ► PNC Bank made the Loan with repayment guaranteed under Ex-Im Bank’s Medium-Term Insurance program.

Case Study: Barbados Solar Roof Project

► Ex-Im Bank provided a 10-year Loan Guarantee to PNC Bank to

finance a 1.4MW rooftop-solar project

► Sustainable (Barbados) Recycling Centre, Inc. will use the

electricity to power SBRC’s operations.

☼ SBRC is wholly-owned by Williams Industries.

► This project one of the largest-ever Caribbean solar roof projects.

► The project provides significant savings in electricity costs.

► SolarWorld (U.S.) supplied the solar modules

Conclusion

► Ex-Im Bank: top priority to support renewable energy & environmental exports ► Ex-Im Bank supports short, medium, and long-term financing to creditworthy international customers, and working capital guarantees to U.S. exporters ► Ex-Im Bank is interested in any size project ► We will work with you to create “bankable” projects ► We welcome your projects and your ideas! [email protected] Internet http://www.exim.gov

mailto:[email protected]

International Trade Administration U.S. Department of Commerce

The International Trade Administration:

Helping Your Clean Energy Business

Compete Globally

Ryan Mulholland

Renewable Energy Trade Specialist

U.S. Department of Commerce


World Renewable Energy Forum Denver, Colorado

What is the International Trade Administration?

As companies move through the business cycle, several U.S. Government agencies can offer support. ITA’s value begins as companies starts exporting their technology or service following commercialization.

ITA is the lead trade promotion agency of the U.S. Government, promoting the competitiveness of U.S. exporters in foreign markets.

Innovation

Entrepreneurship

Financing

Commercialization

Competitiveness


Industry Expertise Subsector analysis Market research Advisory committees USG Coordination

Market Access

Country expertise Trade agreements Bilateral dialogues IPR protection

Trade Promotion

Export assistance Trade missions In-country expertise Firm–specific advocacy

AD/CVD Anti-dumping duties Countervailing duties Protection against unfair trade practices

Working with the International Trade Administration


ITA is organized into four business units – each one offering services to your exporting business. The four business units include Manufacturing and Services; Market Access and Compliance, the U.S. Foreign and Commercial Service; and the Import Administration.



National Export Initiative (NEI)

ITA is focused on achieving the goals of the President’s National Export Initiative to double total U.S. exports by 2015. The NEI has redoubled efforts to promote high-growth industries like renewable energy and to focus on small-and-medium-sized enterprises. To date, the NEI is on track to meet the President’s goals.

The NEI is focused on five key principles: 1. Improving trade advocacy 2. Increasing access to credit 3. Removing trade barriers 4. Robustly enforcing trade rules 5. Pursuing policies that promote sustainable,

balanced growth

FACT #1: Most American businesses do NOT export their products or services.

FACT #2: 95% of consumers live outside the United States.

FACT #3: 85% of the world’s economic growth will occur outside the United States to 2015.

FACT #4: Exports have increased 24% since the NEI was announced in 2010.



Renewable Energy and Energy Efficiency Export Initiative (RE4I)

The Renewable Energy and Energy Efficiency Export Initiative (RE4I) is a “principal component” of the larger National Export Initiative and is designed to significantly increase U.S. RE&EE exports to 2015. In total, 8 separate U.S. Government agencies committed to 23 deliverables in four issues areas.

Increased Financing for RE&EE Exporters ExIm Renewables Express OPIC energy efficiency debt product Budget support from USTDA Improved Trade Promotion to Link Buyers and Sellers Additional RE&EE reverse trade missions Increased RE&EE trade missions Green Embassies Program

Strengthened U.S. Government Export Promotion Services

RE&EE Advisory Committee

Export.gov/reee RE&EE Exporters’ e-newsletter

Enhanced Market Access for U.S. RE&EE Products and Services

Trade Policy Staff Committee RE trade policy missions USTDA Capacity Building

RE4I



The Global Renewable Energy Opportunity

$36 bn $43bn

$68bn

$97bn

$130bn

$135bn

$188bn

$230 bn

Global Private Sector Investment in Renewable Energy

Source: Bloomberg New Energy Finance

Global renewable energy investment has grown 30% annually since 2004, even during a strong recession. As economic growth continues to expand globally, further investment is likely. Much of the industry’s growth will occur outside of the United States.

China to lead global investment While the United States attracted the most global investment in renewable energy in 2011, China should attract the most investment to 2015 and beyond.

Most rapid growth to occur in developing world The Middle East, Africa and Latin America should see growth rates of 10-18% per year in the decade between 2010 and 2020.

Solar energy expected to lead other technologies As a result of significant price declines, investment in solar energy is expected to grow faster than any sector except off-shore wind on a percentage basis.



The Global Renewable Energy Opportunity

Source: Bloomberg New Energy Finance

$395bn

China to lead global investment While the United States attracted the most global investment in renewable energy in 2011, China should attract the most investment to 2015 and beyond.

Most rapid growth to occur in developing world The Middle East, Africa and Latin America should see growth rates of 10-18% per year in the decade between 2010 and 2020.

Solar energy expected to lead other technologies As a result of significant price declines, investment in solar energy is expected to grow faster than any sector except off-shore wind on a percentage basis.

Global Private Sector Investment in Renewable Energy

Global renewable energy investment has grown 30% annually since 2004, even during a strong recession. As economic growth continues to expand globally, further investment is likely. Much of the industry’s growth will occur outside of the United States.



Turning Opportunities into Business for U.S. Exporters

Success Story: In September 2011, ITA debuted the first renewable energy trade policy mission organized under the RE4I. Under Secretary of Commerce for International Trade Francisco Sanchez accompanied 19 U.S. companies to Mexico City for two days of policy discussions and meetings.

Success Story: The Green Embassies Program, which demonstrates U.S. technologies in embassies and consulates around the world, not includes over 75 diplomatic posts. Several green embassy “makeovers” have occurred in Europe with more planned in 2012 and 2013.

Success Story: In December 2010, then Secretary of Commerce Gary Locke inaugurated the RE&EE Advisory Committee. The Committee, which includes 27 private sector representatives, recently announced their first 11 recommendations with more expected by June 2012.

One year into the RE4I, every one of the initiative’s 23 commitments has either been achieved or is in the process of implementation. Each agency that made a commitment is working towards the initiative’s goals, with significant progress continuing across all four issue areas.



A World of Challenge – How Policy is Slowing the Global RE Industry

Poor interconnection standards

Confusing regulations

Inexact resource assessment

Incoherent policy and regulatory environment

U.S. exports of renewable energy technologies are, however, limited by the lack of coherent policy supports around the world. While over 100 countries now have some type of policy incentives for renewable energy, many still must overcome barriers that slow the industry’s growth.



A World of Challenge – How Policy is Slowing the Global RE Industry

Poor interconnection standards

Confusing regulations

Inexact resource assessment

Incoherent policy and regulatory environment

U.S. exports of renewable energy technologies are, however, limited by the lack of coherent policy supports around the world. While over 100 countries now have some type of policy incentives for renewable energy, many still must overcome barriers that slow the industry’s growth.

Local content requirements

High import tariffs



Overcoming Challenges and Creating a Stronger RE Industry

In addition to ongoing trade tensions, the renewable energy industry is likely entering a consolidation period as price declines continue and policy supports are either exhausted or reduced. While difficult for several companies, the resulting renewable energy industry will be stronger and more adept at operating in a competitive world.

Important Industry Trends: 1. Role of natural gas 2. Continued fossil fuel subsidies 3. Reduction in policy support in Europe 4. Significant price declines in solar and wind

1903



Overcoming Challenges and Creating a Stronger RE Industry

In addition to ongoing trade tensions, the renewable energy industry is likely entering a consolidation period as price declines continue and policy supports are either exhausted or reduced. While difficult for several companies, the resulting renewable energy industry will be stronger and more adept at operating in a competitive world.

Important Industry Trends: 1. Role of natural gas 2. Continued fossil fuel subsidies 3. Reduction in policy support in Europe 4. Significant price declines in solar and wind

2012



Helpful Resources and Upcoming Opportunities to Work with ITA

Several resources exist to get up-to-date information on market research, trends, opportunities, and trade events from across the U.S. Government. ITA manages the new export.gov/reee, which is a great resource for U.S. exporters.

Smart Grid Trade Mission to UK: October 15-17, 2012

Clean Technologies Mission to Hong Kong:

October 27-30, 2012

Alternative Investing in Alternative Energy to Germany:

October 23-26, 2012

www.export.gov/reee



Thank You

Adam O’Malley Director, Office of Energy and Environmental Industries Phone: 202-482-4850 Email: [email protected]

Catherine Vial Team Lead, Environmental Industries Team Phone: 202-482-2823 Email: [email protected]

Brian O’Hanlon Solar Energy, RE&EE Advisory Committee Phone: 202-482-3492 Email: [email protected]

Cora Dickson Biofuels, Waste-to-Energy, Fuel Cells, RE&EE Website Phone: 202-482-6083 Email: [email protected]

Jennifer Derstine Geothermal, Biomass, and Hydropower Phone: 202-482-3889 Email: [email protected]

Ryan Mulholland Wind Energy, TPCC Working Group on RE&EE Phone: 202-482-4693 Email: [email protected]






Overseas Private Investment Corporation

Support for Clean Energy Investments in Emerging Markets

World Renewable Energy Forum

May 14, 2012

The U.S. Government’s Development Finance Institution

As the U.S. Government’s development finance institution, OPIC mobilizes U. S. private capital to help solve critical development challenges and in doing so,

advances U.S. foreign policy.

Our Organization

OPIC currently manages a $14.5B portfolio of projects in over 105 countries and operates on a self-sustaining basis at no net cost to the American taxpayer.

28

Shading denotes OPIC-eligible countries


OPIC offers innovative financial solutions to support private investors including debt financing, insurance, and support for private equity investment funds.

Our Solutions

Products Current Portfolio*

Investment Finance ― Limited recourse, long-term finance for private

sector, commercial projects ― Loan amounts up to $400M per project

Political Risk Insurance ― Protection against currency inconvertibility,

expropriation and political violence, including terrorism

― Policy coverage up to $400M per project, up to 20 year term with fixed premiums

Investment Funds

― Up to $250 million senior debt for private equity funds with bullet repayment, zero coupon structure

― Investment decisions made independently by selected fund managers

$9.3

$2.6

$2.6

$-

$2

$4

$6

$8

$10

$12

$14

Total Exposure

$14.5 Billion

Investment Funds

Insurance

Investment Finance

*As of September, 2011

29 The U.S. Government’s Development Finance Institution

Based on a $29B Statutory Capacity

In 2011, OPIC committed $1.1 billion of new financing for renewable resources projects and approved $498 million to five renewable resources private equity funds.

Our Renewable Resource Commitment

OPIC Renewable Commitments By the Numbers

Renewable Resource $1.1 billion Commitments

CO2 Emissions Avoided 931,000 tons

Renewable Megawatts 728 MW Generated • OPIC’s contribution to USG Fast Start Financing

commitments increased more than seven fold in 2011 – from $155 million in 2010 to 1.1 billion in 2011.

• OPIC renewable resources commitments have

grown from under $10 million in 2008 to $1.1 billion in 2011 (mobilizing an additional $2 billion in external capital).

The U.S. Government’s Development Finance Institution 30

OPIC Renewable Resources Commitments 2008-2011 (millions of $)

In 2011, OPIC supported a diverse portfolio of impactful, highly developmental transactions that will have positive environmental and social results across 8 sectors and 6 regions.

Renewable Resources Commitments: Sector and Region


FY11 Commitments by Region ($ value) FY11 Commitments by Sector ($ value)

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Asia 43%

Caribbean 1%

Latin-America 11%

MENA 6%

Sub-Saharan Africa 37%

CIS 2%

Solar 51%

REDD/ Forestry

0.1%

Biomass 8%

CleanTech 3%

Geothermal 28%

Wind 2%

Hydro 5%

Energy Efficiency

2%

OPIC Finance Terms

OPIC offers competitive financing terms for renewable energy projects in emerging markets.

32

Overview of OPIC Debt Product

Long-term fixed rate debt financing on a limited recourse project finance basis

Tenors to match length of PPA or offtake arrangement with a tail of 1-2 years

US$ lending; hedging mechanism may be

required if PPA is not US$ based Flexible grace periods through construction

Interest rates based on U.S. Treasuries plus

applicable risk premium

Key Attributes of Potential Investments

Bankable offtake, PPA or feed-in tariff scheme

Experienced management team

Proven technology and creditworthy EPC contractor with a strong track record

A financial model showing strong cash flows and maintenance of minimum DSCRs

Compliant with OPIC policy requirements


Product Innovations: Renewable Resources

33

New Product Description OPIC Strengths

Energy Efficiency Sub-Debt

Energy Efficiency Facilities

Leasing

Insurance on Regulatory Risks

Direct financing for energy efficiency improvements with repayments tailored to expected cost savings

Financing financial intermediaries to support a large number of energy efficiency improvements

Lease financing through US renewable energy equipment vendors to reduce upfront capital costs to end users

Insurance to protect US investors from the actions of a foreign government, e.g. changes in Feed-In Tariffs or impairing Insured’s ability to utilize carbon credits

• Working with SMEs • Able to process small loan

sizes

• Reaches a spectrum of customers

• Only small investments required of manufacturers

• Extensive leasing experience • Ability to diversify risk

• Experts in political risk underwriting

• Ability to analyze regulatory frameworks and assess risk

OPIC has focused on product innovation to further drive investments in renewable resources.


34

Agriculture in Africa − Financing for the African Agriculture

Fund (AAF) to support investment in the African agriculture sector in response to continued food shortages in Africa.

Geothermal Power in Kenya − Expansion of an existing geothermal

plant that will double operating capacity and add clean energy to the country’s electricity grid.

Solar Power in India – Expansion of solar-based energy

systems by some of India’s largest telecom tower operators which currently rely on diesel.

Our Investments

OPIC is helping bring cleaner, sustainable energy to developing countries around the world.


Hydropower in Georgia – Development of a hydropower

plant, enabling Georgia to responsibly tap more of its abundant hydropower capacity, reduce its reliance on gas imports.

Biomass in Liberia – Expansion of a sustainable biomass

project in Liberia which harvests unproductive rubber trees and processes them into wood chips for energy production.

Wind Power in the Caribbean – Construction of a wind power

facility on St. Kitts, helping the island reduce its footprint and its fuel costs.

34

For more information, please contact:

Denise Kutsch Senior Investment Officer, Renewable Energy Project Finance email: [email protected] Phone: 202-408-6316 Business and Investor Development email: [email protected] Phone: 202-336-8651

Contact Us


World Renewable Energy Forum, 2012

Diana Jensen VP Project Financing and U.S.

Operations, Azure Power Power to be free!

Copyright ©2009 Azure Power | CONFIDENTIAL | Do not distribute or reproduce

36

Indian Power Market in 2008: Opportunity

• Energy availability had increased by 32.7% in the past 5 years but demand continued to outstrip supply

• Nearly 600 million Indians did not have access to electricity

• The government had made significant policy initiatives in order to bridge the demand-supply gap.

• The focus in renewable energy initially was on the adoption of biomass, wind & hydro.

• Solar power was primarily being used for rural electrification using small lightning systems and lanterns.

• India’s solar potential is among the highest about 1700-1900 kWh/kWp and with 300 clear, sunny days in a year.

• The world wide increase in solar PV production and the promise of reduction in installed cost per watt year on year could be capitalised.

37


Indian Solar Market: Challenges

• Absence of regulatory framework for sale of solar power.

• Challenging to qualify leads in different Indian states for large scale solar power generation.

• Absence of ground level data for solar insolation for local lenders to finance long term debt on non-recourse financing.

• Limited skilled labor & technology capability in India

38


Role of US Commercial Office

• Invitation to Azure Power by the U.S. Commercial Service (CS) in

Oakland, California to participate in the 2008 U.S. Department of Commerce Clean Energy Trade Mission to India and subsequent Department of Commerce trade missions to India.

• Participation in Gold Key program where pre-screened potential

business partners arranged by the CS in India to specifically address the challenges faced by Azure Power.

• Productive meetings for policy were arranged with Govt. of

Rajasthan, Haryana, Karnataka, Gujarat and Central Govt. such as MNRE.

• One on one meetings with leading banks in India to discuss debt

financing of projects. • Meeting with local suppliers of technology and labour for project

construction in India.

39


The Result..

• Policy became conducive for American companies to sell solar power

under long term power purchase agreements. • Govt. of Punjab along with MNRE offered Azure Power a 2MW solar

power project for 25 years at attractive tariff. • Several other MoUs were signed with Govt. of Rajasthan, Haryana &

Gujarat which were subsequently converted into real projects. • Regulations around import of technology and capital to facilitate US

businesses. Reduction in tariffs for solar power generation and cost of equipments also occurred.

• Financing of these projects was offered at attractive rates by US

agencies such as Overseas Private Investment Corporation and US Export Import Bank.

40


Azure Power: Achievements

41

• Azure Power has invested over $170 million in 3 years and has a capacity of over 56MW of solar power in India. •The 56MW is instrumental in eliminating CO2 emissions equivalent to 1,881,600 tonnes and sufficient to electrify a 1,000 villages in India. •Large part of this investment is geared towards US technology exports and hence promoting manufacturing jobs in United States while at the same time meeting India’s growing energy needs through a clean source. • Azure Power’s is on target to achieve 100MW of solar power generating capacity by 2014.


Azure Power: Projects & Policy

42 Copyright ©2009 Azure Power | CONFIDENTIAL | Do not distribute or reproduce

Mr. Inderpreet S Wadhwa and former US ambassador Timothy during the Clean Trade Mission in 2008

Azure Power’s 2 MW Solar Power Plant in Punjab

Azure Power’s 10MW Solar Power Plant in Gujarat

Azure Power’s 5MW Solar Power Plant in Rajasthan

Mr. Inderpreet S Wadhwa receiving the export achievement award from Mr Francisco J. Sanchez, Under-Secretary of Commerce for International Trade, US Department of Commerce.

Mr. Inderpreet S Wadhwa with Mr Narendra Modi, Chief Minister of Gujarat at the inauguration of Azure Power’s Gujarat power plant.

Mr Inderpreet Wadhwa with Dr Farooq Abdullah, Union Minister for New & Renewable Energy at the launch of National Solar Mission

Mr Inderpreet Wadhwa at the Clean Energy Dialogue between US & Indian Government

Road Ahead..

43

Utilities

Azure Power has 3 installed projects and 2 projects

under construction totalling about 56MW.

Commercial

Azure has been awarded the the country’s first MW scale solar rooftop project

in the state of Gujarat.

Off-Grid

Azure Power has been awarded a grant from the

USTDA to fund a feasibility study on two 500kW micro-

grid solar PV projects in India. This will mark Azure’s foray into the Rural Off-grid

segment in India.

• Azure has plans to invest over a $ billion in the Indian solar market in the next 7-10 years . • This is a great example of US-India partnerships under Clean Energy Development being promoted by the President Obama & Prime Minister Singh administrations.


India

Azure Power India Pvt. Ltd.

Address: 8, LSC, PushpVihar,

New Delhi-110062

India

Email: [email protected]

Phone: US +1 202-333-3115 ext 2

Contact Us


U.S.

Azure Power US Inc.

Address: Canal Square

1054 31st Street, NW, Suite 545

Washington, DC 20007

U.S.

Phone: +1 202-903-0380

44


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