- To use funds to expand operations and capitalize huge potential for solar energy in India
DELHI, India, Nov. 18 /PRNewswire/ -- Azure Power, the leading solar IPP (Independent Power Producer) with a diverse range of solar power projects, today announced the closing of a Series A funding from Helion Venture Partners and Foundation Capital. The Azure Power team has over 50 years combined experience in the Indian and US energy, finance and technology sector including power generation, transmission, and distribution and operations management. Azure Power has several grid and off-grid projects under development across several states in India.
The investment will be directed towards scaling-up Azure Power's operations in India. As a result of this investment, Mr. Sanjeev Aggarwal, Managing Director at Helion Advisors Pvt. Ltd. and Mr. Ashmeet Sidana General Partner at Foundation Capital will join the board of Azure Power.
Commenting on the investment received, Mr. Inderpreet Wadhwa, CEO of Azure Power India says, "Solar power is the most promising source of renewable energy and our implementations complement existing sources of electricity. We offer a portfolio of solar energy solutions for commercial, government and utility customers. This area is a huge focus for the government of India in the 11th five year plan. We are excited about the opportunities that this current flow of funds will provide us with to further expand our operations within India."
Commenting on the investment, Mr. Sanjeev Aggarwal says, "As India's leading solar energy service provider, Azure Power understands the complexities and nuances of delivering solar energy. Their turnkey service offerings remove the heavy capital requirements as well as operational complexities for its customers. This is Helion's first investment in the clean energy /technology space. The market opportunity for solar energy, the policy impetus from the government combined with Azure's competency and expertise in this area, make Azure Power a compelling investment proposition.
Adds Mr. Ashmeet Sidana, "At Foundation Capital we pride ourselves on identifying experienced technology executives driving the next wave of innovation in the cleantech market. We look forward to working with Azure Power as they work to solve India's growing demand for electricity with solar technology."
About Azure Power
Azure Power offers clean and affordable solar energy to its customers without having them to pay for the high asset or operation costs upfront. Azure Power delivers most optimal solar energy by assuming all responsibilities and complexities for owning, building, and operating the power-generation, while the customers enjoy all the economic and marketing benefits of renewable power. For more information visit http://www.azurepower.com
About Helion Ventures
Helion is a multi-stage, India-focused venture fund with $350 million under management. The fund invests in businesses that are either technology-powered or catering to the Indian consumer services space. The focus sectors of investment include -- outsourcing, internet, mobile, technology products, retail services, education and financial services. The fund's investors are well-respected global institutions including top tier university endowment funds, foundations and family offices. The fund and its portfolio companies are advised by an experienced and industry renowned team of professionals based in India which include Sanjeev Aggarwal, Ashish Gupta, Kanwaljit Singh and Rahul Chandra. For more information visit http://www.helionvc.com
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $2.4 billion. For more information visit http://www.foundationcapital.com
SOURCE Azure Power
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