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Azure Power Pauses Search for JV Partner in Rs14,100 Crore Rajasthan Solar Portfolio

Azure Power Global Ltd has paused its search for a joint venture partner in its 950 MW solar portfolio in Rajasthan. The deal, codenamed Project Agile and managed by Ambit, had received non-binding offers for up to a 50% stake. The portfolio included 300 MW of operational capacity and two ready-to-build projects of 650 MW, awarded under a Solar Energy Corporation of India (SECI) manufacturing-linked tender in 2019. The proposed deal carried an enterprise value of Rs14,100 crore and an equity value of about Rs1,000 crore.

The projects were to be developed in two phases of 300 MW and 350 MW, with an estimated capital expenditure of Rs13,300 crore. Azure Power currently operates a total capacity of 3.04 GW across India.

The company, headquartered in New Delhi, has faced challenges in recent years, including frequent leadership changes and governance issues. Since 2019, multiple CEOs have exited, and the firm was delisted from the New York Stock Exchange in November 2023. Azure Power is also dealing with a bribery and corruption investigation under the US Foreign Corrupt Practices Act, for which it has set aside Rs194.5 crore as of March 2025.