Azure Power Wins 130 MW Solar Power Project in Maharashtra

NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE:AZRE), one of IndiaÔÇÖs leading independent solar power
producers, announced that it has won a 130 MW solar power project which
was recently auctioned by Maharashtra State Electricity Distribution
Company Limited (MSEDCL), rated A by ICRA, a MoodyÔÇÖs company. MSEDCL
supplies electricity to 22 million consumers in Maharashtra and was
declared as a load shedding free state in December 2012.

Azure Power will sign a 25 years Power Purchase Agreement (PPA) with
MSEDCL, at a tariff of INR 2.72 (~US$ 0.04) per kWh. The project is
expected to be developed by Azure Power outside a solar park and is
expected to be commissioned in 2019.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, ÔÇ£We are pleased to
announce our win in Maharashtra and with this, we continue to
demonstrate our strong project development, engineering, and execution
capabilities and are delighted to make this contribution towards
realization of our HonÔÇÖble Prime MinisterÔÇÖs commitment towards clean and
green energy, through solar power generation.ÔÇØ

Azure Power has been among the most active participants in several solar
power auctions since the launch of the solar power market in India and
the majority of the CompanyÔÇÖs portfolio are with customers that have
some of the best credit ratings in India and are backed by the sovereign
Government of India.

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 and the project represents 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
Investors
Nathan Judge, CFA
[email protected]
Investor
Relations, Azure Power
or
Media
Samitla Subba, +91-11-
4940 9854
[email protected]
Marketing,
Azure Power