Azure Power Global Limited (OTCPK:AZRE.F) is looking to raise funds from existing investors Caisse de dépôt et placement du Québec (CDPQ) and OMERS Administration Corporation (OMERS), the two Canadian investment firms. It is also exploring other options such as selling minority stake in existing projects, taking out bank loans to raise as much as INR 58 billion ($700 million) to expand capacity. The fund-raising could be part equity and part debt as it works to limit the leverage. The company will need funds to deliver a 700 MW solar, 120 MW wind and 150 MW hybrid project by next financial year.

?Azure Power will need $700 million to deliver the next three power pro- jects including 700 MW solar, 120 MW wind and 150 MW hybrid project,? said a company spokesperson. ?To deliver the projects by next financial year, Azure will have to bring in part equity and raise debt.

The company is relying on several sources to meet the capital need.? Azure Power's portfolio comprises 7.2 GWs, with 2.9 GWs in operation and 4.3 GWs contracted or awarded. A CDPQ spokesperson declined to comment while an OMERS spokesperson did not respond to request for comment.

CDPQ owns 53.4% stake in the company while OMERS owns 21.4% and the remaining is public shareholding.