Azure Power Surpasses 1 GW of Operating Solar Capacity

• Commissions 50 MW solar project in Andhra Pradesh

NEW DELHI–(BUSINESS WIRE)–#azurepower–Azure Power (NYSE: AZRE), one of IndiaÔÇÖs leading independent solar power
producers, announced that its portfolio has surpassed 1 GW of operating
solar capacity, making it one of the largest solar power companies in
the country. This milestone was achieved with the companyÔÇÖs recent
commissioning of a 50 MW project in Andhra Pradesh. The project has been
setup in Ananthapuramu Solar Park across approximately 250 acres. Azure
Power will supply power for 25 years to Solar Energy Corporation of
India (SECI), a Government of India enterprise and a company with a AA+
domestic debt rating by ICRA, a MoodyÔÇÖs company. The levelized tariff is
INR 4.79 (~US 7.5 cents) per kWh, which includes Viability Gap Funding
(VGF).

Founded by Inderpreet Wadhwa in 2008, Azure Power started its journey by
developing a 2 MW plant in Awan, Punjab and since then has witnessed
tremendous growth, increasing its installed capacity to over 1 GW over
the last ten years. The company has a footprint across 23 states in
India and has built a strong solar power portfolio with ~80% of its
operating or committed projects with counterparties that have domestic
debt ratings that are A or higher.

Since inception, Azure Power has been at the forefront of the solar
sector in India. The company installed IndiaÔÇÖs first private utility
scale solar project in Punjab, implemented IndiaÔÇÖs first megawatt scale
solar rooftop project in Gujarat, was the first solar power producer to
set up a private utility scale solar plant in the states of Uttar
Pradesh and Chhattisgarh and was also the first private solar producer
in the country to supply solar power to border outposts.

The company has established itself as a leader in the Indian solar
rooftop market. The companyÔÇÖs rooftop journey started in 2013, with a
2.5 MW plant in Gandhinagar, Gujarat and has since grown its rooftop
portfolio under Azure Roof Power to over 190 MWs across 23 states making
the companyÔÇÖs rooftop portfolio one of the largest in the country.

Last year, Azure M-Power, which focuses on mini and micro grids,
electrified 320 households across 11 villages in the eastern state of
Jharkhand. Azure M-Power plans to expand access to electricity to
millions of Indians currently without power enabling sustainable
economic development, inclusive growth and resilience against climate
change.

The company has also achieved many financing landmarks. In 2016, it
launched an initial public offering on the New York Stock Exchange,
creating the first listing of Indian energy assets in the United States.
The following year, it issued IndiaÔÇÖs maiden solar Green Bond. Azure
Power is backed by several marquee institutional investors such as one
of the largest pension funds in Canada, Caisse de d├®p├┤t et placement du
Qu├®bec (CDPQ), International Finance Corporation (IFC) which is an
investment division of the World Bank, venture capital funds
HelionVenture Partners and Foundation Capital, and development finance
institutions such as Soci├®t├® de Promotion et de Participation pour la
Coop├®ration ├ëconomique (PROPARCO) and Deutsche Investitions- und
Entwicklungsgesellschaft mbH (DEG) and Netherlands Development Finance
Company (FMO).

Speaking on this 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 1,000 MWs operating through large-scale,
mini/micro grid and rooftop solutions across the entire country. We are
delighted to make this contribution towards the realization of our
HonÔÇÖble Prime MinisterÔÇÖs commitment of clean and green energy, through
solar power generation.ÔÇØ

ÔÇ£IFC has been an investor in Azure Power since 2010, supporting the
companyÔÇÖs growth at different stages. Our continued and sustained
investments in Azure Power has helped provide access to clean and
affordable energy to millions of people.ÔÇØ said Hyun-Chan Cho, Head,
Asia, Infrastructure and Natural Resources, IFC ÔÇ£We are very proud
and privileged to be a part of this ten-year journey. I would like to
congratulate the company on reaching this landmark and look forward
to a stronger partnership.ÔÇØ

Michael Sabia, President and Chief Executive Officer, CDPQ said
ÔÇ£Our investment in Azure Power, a leader in its field, has allowed us to
build our presence in the solar power sector in India, a priority market
for us. We are excited to be a part of their growth story and are
pleased to contribute, as an investor, to a global low-carbon economy.ÔÇØ

About Azure Power

Azure Power (NYSE: AZRE) is a leading independent solar power producer
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 represents the aggregate 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
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