Concerns that India’s burgeoning solar boom would be restrained by nervous financiers reached fever pitch in the spring, when observers suggested that less than half of the projects ­allo­cated under the first round of the National Solar Mission (NSM) would reach financial close by their summer deadline.

Those fears were well founded at the time, says Inderpreet ­Wadhwa, chief executive of ­Delhi-based PV developer Azure Power. Since then, however, local lenders have warmed to the sector considerably.

“Earlier this year, [PV] was a tough sell in the eyes of many lenders, due to the combination of technology risk, policy risk and project risk,” Wadhwa tells Recharge.