Azure plans to build up a capacity of 100 MW by 2013 which will require an investment $300-400 million.
Azure Power, a solar energy services provider, is close to raising $10 million from International Finance Corporation (IFC), the investment arm of the World Bank. The funds will be used by Azure, an IPP (Independent Power Producer), for its upcoming projects in states like Punjab, Haryana and Gujarat. The company already has projects of up to 22 MW under development and is in talks to setup projects worth another 30 MW.
The New Delhi-based firm plans to develop a number of projects with 5 MW capacity, which it says is the most optimal. Azure has three 5 MW projects coming up in Gujarat and one 2 MW project in Haryana. It is also eyeing states like Rajasthan, West Begal and Karnataka for more such projects.
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