Azure Power Commissions 40 MW Project in Uttar Pradesh

NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE: AZRE), one of India’s leading independent solar power
producers, announced the commissioning of a 40-megawatt (MW) solar power
plant in the state of Uttar Pradesh. Spread across an area of
approximately 225 acres, the project has been setup under the
government’s National Solar Mission Phase-II Batch-III Tranche III. The
project was auctioned by Solar Energy Corporation of India (SECI), a
Government of India enterprise which has a AA+ debt rating by ICRA, a
Moody’s company. Azure Power will supply power to SECI for the next 25
years at a levelized tariff of INR 4.92 (~US 7.7 cents) per kWh, which
is inclusive of Viability Gap Funding (VGF).

Uttar Pradesh is the most populous state in India and has a large peak
energy supply deficit, according to the Central Electricity Authority.
In addition, CRISIL projects that over 10 million unelectrified
households will be connected by 2019. Azure Power is one the largest
solar developers in Uttar Pradesh and built the first utility scale
solar project in Uttar Pradesh in 2015.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, “With the commissioning
of this plant, we have once again demonstrated our strong project
development, engineering, and execution capabilities. We are delighted
to make a contribution towards the realization of our Hon’ble Prime
Minister’s commitment towards clean and green energy, through solar
power generation. Our sincere gratitude to SECI and the state of Uttar
Pradesh for all the cooperation and support extended.”

About Azure Power
Azure
Power (NYSE: AZRE) is a leading independent solar power with a
pan-Indian portfolio. With its in-house engineering, procurement and
construction expertise and advanced in-house operations and maintenance
capability, Azure Power provides low-cost and reliable solar power
solutions to customers throughout India. It has developed, constructed
and operated solar projects of varying sizes, from utility scale,
rooftop to mini & micro grids, since its inception in 2008. Highlights
include the construction of India’s first private utility scale solar PV
power plant in 2009 and the implementation of the first MW scale rooftop
project under the smart city initiative in 2013.

For more information, visit: www.azurepower.com.

Forward Looking Statements

This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995,
including statements regarding the Company’s future financial and
operating guidance, operational and financial results such as estimates
of nominal contracted payments remaining and portfolio run rate, and the
assumptions related to the calculation of the foregoing metrics. The
risks and uncertainties that could cause the Company’s results to differ
materially from those expressed or implied by such forward-looking
statements include: the availability of additional financing on
acceptable terms; changes in the commercial and retail prices of
traditional utility generated electricity; changes in tariffs at which
long term PPAs are entered into; changes in policies and regulations
including net metering and interconnection limits or caps; the
availability of rebates, tax credits and other incentives; the
availability of solar panels and other raw materials; its limited
operating history, particularly as a new public company; its ability to
attract and retain its relationships with third parties, including its
solar partners; its ability to meet the covenants in its debt
facilities; meteorological conditions and such other risks identified in
the registration statements and reports that the Company has filed with
the U.S. Securities and Exchange Commission, or SEC, from time to time.
In the press release, portfolio represents the aggregate megawatt
capacity of solar power plants pursuant to PPAs, signed or allotted or
where the Company has been cleared as one of the winning bidders or won
a reverse auction but has yet to receive a letter of allotment. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and the Company
assumes no obligation to update these forward-looking statements.

Contacts

Azure Power
Investor Contact
Nathan Judge, CFA
Investor
Relations
[email protected]
or
Media
Contact
Samitla Subba
Marketing
[email protected]
+91-11-
4940 9854