Azure Power Marks New Milestone with the Crossing of 2 Gigawatt Solar Portfolio

• 200 MWs won in Maharashtra at an average tariff of INR 3.07 (~US
  4.7 cents) per kWh

NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, announced that its portfolio has crossed the 2 GW milestone by
winning four 50 MW projects for a cumulative capacity of 200 MWs in the
state of Maharashtra. The solar power project was auctioned by
Maharashtra State Power Generation Co. Ltd. (Mahagenco), the second
highest generation company in India, which is owned by the Government of
Maharashtra. Azure Power will sign a 25 year Power Purchase Agreement
(PPA) with Mahagenco at a tariff of INR 3.07 (~US 4.7 cents) per kWh.
The project will be developed outside a solar park and is expected to be
commissioned in 2019. These 200 MWs won are in addition to the recently
130 MWs won with Maharashtra State Electricity Distribution Company
Limited (MSEDCL) in Maharashtra, bringing Azure PowerÔÇÖs total portfolio
to 337 MWs, making the company one of the largest solar power suppliers
to the state.

Commenting on the occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, ÔÇ£We started with the
vision of providing affordable solar power for generations and the
mission to be the lowest cost power producer in the world. Through our
collective efforts and support from our stakeholders, we have achieved
this important milestone of crossing a 2 GW portfolio through large
scale, mini/micro grid and rooftop solutions across the entire country.
This achievement is a testament to our strong project development,
engineering, and execution capabilities. We are delighted to make this
contribution towards the realization of our HonÔÇÖble Prime MinisterÔÇÖs
commitment towards clean and green energy, through solar power
generation.ÔÇØ

Azure Power was founded by Inderpreet Wadhwa in 2008 with a vision of
providing affordable solar power in an efficient, sustainable and
socially responsible manner. Azure Power has rapidly grown to become one
of the largest solar power developers in the India. The company started
its journey over ten years ago by developing IndiaÔÇÖs first private
utility scale solar plant, a 2 MW plant in Awan Punjab. Over the last
decade, the company has witnessed tremendous growth and has installed
over 1,000 MWs of solar capacity, with a footprint across 23 states in
India. Approximately 80% of Azure PowerÔÇÖs projects are with
counterparties with domestic debt ratings that are A or higher and the
company is backed by several marquee investors such as Caisse de d├®p├┤t
et placement du Qu├®bec (CDPQ), International Finance Corporation (IFC),
HelionVenture Partners, Foundation Capital, Soci├®t├® de Promotion et de
Participation pour la Coop├®ration ├ëconomique (PROPARCO), Deutsche
Investitions- und Entwicklungsgesellschaft mbH (DEG) and Netherlands
Development Finance Company (FMO).

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 IndiaÔÇÖs 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 CompanyÔÇÖs 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 CompanyÔÇÖs 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 and the project represent megawatts
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 Global Ltd
Investor Contact
Nathan Judge,
CFA
[email protected]
Investor
Relations, Azure Power
or
Media Contact
Samitla
Subba
[email protected]
+91-11-
4940 9854
Marketing, Azure Power