Azure sells rooftop solar business for Rs 537 crore
Azure Power Global has signed a binding agreement to sell its solar rooftop portfolio to Radiance Renewables for Rs 536.5 crore. The company, which is listed on the New York Stock Exchange, expects to receive the proceeds from the sale before December 31, 2021.
Azure’s 167 megawatts (MW) rooftop solar capacity includes 151 MW of installed and 16 MW of under-construction projects. “This sale, the first-ever asset sale in Azure Power’s history, illustrates the company’s commitment to capital discipline,” Ranjit Gupta, chief executive officer, Azure Power said. Out of Azure’s pan-India solar portfolio of 6.9 gigawatts (GW), 2 GW are operational and 0.9 GW are under construction.
