Eyeing expansion, Indian clean energy company Azure Power has filed for an initial public offering (IPO) to raise $100 million on the New York Stock Exchange (NYSE).
A filing on the SEC revealed that the company, which has financing from the World Bank, will trade under the symbol AZRE, with British bank Barclays Plc acting at the sole underwriter.
The Indian renewable energy firm first mooted the idea of listing on the NYSE in June as it seeks further global and domestic expansion. Azure Powers solar portfolio amounts to 242 MW of cumulative capacity, comprising 17 utility-scale projects and several commercial rooftop projects.
Since May 2012 the company has posted CAGR of 135%, and according to the company, is aiming to have 520 MW of PV capacity in operation by the end of 2016.
"Our longer term goals are to achieve 1 GW committed or operating by Dec. 31 2017, and 5 GW by Dec. 31 2020," Azure revealed in its prospectus summary.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.