Azure Power gets $16 M financing for Rajasthan solar project

Azure Power closed a $ 16 million long term financing tie-up with Exim Bank for the 5MW solar power project being set up in Rajasthan, reports the Economic Times.

The plant is expected to be operational by December 2011 and the company has signed the power purchase agreement with NTPC Vidyut Vyapar Nigam under Phase 1 of the Jawaharlal Nehru Solar Mission

The plant once connected to the grid will benefit over 50,000 people and will reduce carbon emissions of up to 5500 metric tonnes per year.