Dutch development bank, FMO has raised close to Rs 200 crore (approximately $30.5 million) in debt through subscription of non-convertible debentures issued by renewable energy firm Azure Power India, as reported by Mint.

The Indus Law team advised the Dutch development finance institution FMO in the transaction documentation, due diligence and regulatory advice, led by partner Ran Chakrabarti along with principal associates Jinni Sinha and Ray Vikram Nath and associates Chitvan Bakshi, Niyati Bhatt and Aayush Sood.

Cyril Amarchand Mangaldas advised and acted for Azure Power, led by partner Ajay Sawney.

Azure Power is a leading independent power producer and developer of solar energy projects, with over 30 operational utility-scale projects across the country.

The objective of FMO's financing is to fund the development and construction by Azure Power towards new solar projects in India, which will help alleviate India’s dependence on fossil fuels and expand its growing solar project portfolio of over 1 GW across 18 states in India.