Helion Venture Partners, Foundation Capital and IFC have invested around US$10 million in Azure Power, a solar power company that generates and supplies power to utility companies in four Indian states.
Helion and Foundation Capital were advised by a team from IndusLaw, led by partner Suneeth Katarki, with support from principal associate Satyasree Akella and associate Sarah Abraham.
IFC, a member of the Word Bank Group, was represented by Amarchand Mangaldas, which fielded a team led by private equity partner Ravindra Bandhakavi. The deal is IFC’s first clean technology investment in South Asia.
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Delhi-based law firm Mukherjee & Khandelwal represented Azure Power, a leading solar power producer engaged in power generation, transmission and operations management in the Indian and US markets. Azure is developing a range of grid and off-grid projects in several Indian states. It intends to use the funds raised for expansion purposes.
Helion Venture Partners is a US$350 million India-focused venture fund that invests in high-growth technology-powered businesses and consumer services. Foundation Capital is a US-based investment firm run primarily by entrepreneurs. In 2008, Azure Power closed a Series A funding deal with Helion and Foundation Capital that was directed towards scaling up its operations in India.
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