Azure Power announced successful refinancing of its existing project finance facility of INR 23.50 billion (USD 313 million) utilized towards construction of its largest project – 600 MWs Interstate Transmission System (ISTS) connected solar project implemented by Azure Power Forty Three Pvt Ltd, a Special Purpose Vehicle (SPV). The project was fully commissioned recently in December 2021. The refinancing has been completed at a rate of interest of 7.2% per annum, which is fixed for 42 months and the lowest rate of interest for any project finance facility in terms of rupee financing for the company's existing portfolio so far.

L&T Finance Limited has acted as the sole underwriter for this refinancing facility.