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.
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