Azure Power Wins 130 MWs of Solar Power Projects

• 100 MW win in Karnataka
• 32 MWs with Indian Railways across 12 states

NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE: AZRE), a leading solar independent power producer in
India, announced that it has won a cumulative capacity of 130 MWs at a
blended tariff of INR 3.35 (~US 5.2 cents) per kWh, bringing the
Company’s total portfolio to over 1,720 MWs. The win includes a 100 MWs
utility scale project at the Pavagada solar park in Karnataka and a 30
MWs solar rooftop project with Indian Railways, the largest rail network
in Asia, owned and operated by the Government of India through the
Ministry of Railways.

The 100 MWs project was won in an auction conducted by Karnataka
Renewable Energy Development Ltd. The solar plant will be set up at
Pavagada Solar Park, one of the largest solar parks in the world. The
solar park is being developed by Karnataka Solar Power Development
Corporation Limited (KSPCL). Azure Power will supply power to the
electricity supply companies of Karnataka (ESCOMs) for 25 years at a
tariff of INR 2.93 (~US 4.6 cents) per kWh. This brings our portfolio in
Karnataka to about 250MWs, which is one of the largest portfolios in the
state.

Another 30 MWs was allocated by Indian Railways to Azure Power. Azure
Roof Power will provide power for 25 years to various Indian Railway
facilities across 12 states. Azure Power qualifies for a capital
incentive from Indian Railways and the power will be sold at a weighted
average levelized tariff of INR 4.74 (~US 7.5 cents) per kWh. With the
new allocation of 30 MWs, Azure Power has become the largest supplier of
solar power to Indian Railways with a cumulative awarded capacity of 76
MWs, which includes the 46 MWs of capacity currently in the portfolio.

Commenting on the occasion, Mr Inderpreet Wadhwa, Founder,
Chairman and Chief Executive Officer, Azure Power said, “Azure Power
offers tremendous value to our customers across various segments. We are
pleased to expand our portfolio in Karnataka and with Indian Railways.
With these wins, we have once again demonstrated our strong project
development capabilities and are delighted to make this contribution
towards realization of our Hon’ble Prime Minister’s commitment towards
clean and green energy, through solar power generation.”

About Azure Power

Azure Power (NYSE: AZRE) is an 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 to
rooftop, since its inception in 2008.

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. 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 SEC from time to time. 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
or
Media Contact
Samitla Subba
[email protected]
+91-11-
4940 9854
Marketing