Azure Power Taps IBRD (World Bank) Loan to Scale its Azure Roof Power Platform

NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, has been granted INR 678.3 (US$ ~10.5) million of low-cost debt
financing through the SBI-World Bank: Grid Connected Rooftop Solar PV
Program. The loan is for 15 years with an interest rate of 8.35% per
annum, one of the lowest interest rates availed by a solar power
developer in the Indian solar sector to date. The loan will be utilized
to scale Azure Roof Power, Azure Power’s solar rooftop platform.

Azure Roof Power offers superior rooftop solar power solutions
for commercial, industrial, government, and institutional customers in
cities across India to lower their energy bill and meet their greenhouse
gas (GHG) emission reduction targets. With over 100 MWs of high quality,
operating and committed solar assets across 14 states, Azure Roof Power
has one of the largest rooftop portfolios in the country. Azure Roof
Power customers include large commercial real estate companies, a
leading global chain of premium hotels, distribution companies in smart
cities, warehouses, Delhi Metro Rail Corporation, Indian Railways and a
Delhi water utility company.

Speaking on this occasion, Inderpreet Wadhwa, Chairman, and Chief
Executive Officer, Azure Power said, “We are pleased to announce our
partnership with SBI and World Bank which will enable us lower the
energy bills of our customers by providing clean and sustainable solar
energy. We are excited to expand our Azure Roof Power platform in India
with the support of SBI and World Bank.”

Under the SBI-World Bank: Grid Connected Rooftop Solar PV Program, the
World Bank and the International Bank for Reconstruction and Development
(IBRD) approved a line of credit of $625 million to support the
Government of India’s goal to expand rooftop solar to 40,000 MWs.

About Azure Power

Azure Power (NYSE: AZRE) is a leading solar power producer in India with
a portfolio of over 1,000 MWs across 18 states. With over 100 MWs of
high quality, operating and committed solar assets, the company has one
of the largest rooftop portfolios in the country. 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 to rooftop, 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.

Contacts

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