Azure Power, a Delhi, India company that develops large solar projects both on and off the commercial power grid in its home country, has raised an undisclosed first round of funding from Foundation Capital and Helion Venture Partners.
The investment is the second that Silicon Valley venture firms have made in Indian solar in less than two weeks. Previously, a firm called Kotak Urja raised $8 million from Kleiner Perkins Caufield & Byers, Sherpalo Ventures and Applied Materials.
Azure’s business is in installing projects for the commercial and government markets, which it owns and maintains afterwards, much like US providers like Recurrent Energy and SunEdison.
