Azure Power Gets Financing From KfW’s DEG for Solar Expansion

Azure Power, an Indian solar project developer backed by the World Bank, raised 10 million euros ($13 million) from a member of Germany’s KfW state development- banking group to fund expansion of its operating capacity.

Deutsche Investitions und Entwicklungsgesellschaft mbH, or DEG, bought compulsory convertible debentures from Azure Power, the German lender said yesterday by e-mail. The securities must eventually be converted into equity. Anja Strautz, a spokeswoman for DEG, declined to say what stake the bank would hold in Azure as a result or provide further details of the debt.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at

To contact the editor responsible for this story: Reed Landberg at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.