Azure Power Wins 200 MWs in SECI Auction

NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE: AZRE), one of India’s leading independent solar power
producers, announced it has won a 200 megawatt (MW) solar power project
through an auction conducted by Solar Energy Corporation of India
(SECI), a Government of India enterprise and a company with a AA+ debt
rating by ICRA, a Moody’s Company. Azure Power will sign a power
purchase agreement with SECI to supply power at a tariff of INR 2.48
(~US$ 0.04) per kWh for 25 years. The solar plant will be set up at
Bhadla Solar Park in Rajasthan and is likely to be commissioned in 2019.

The 200 MW allocation is the largest by SECI in this auction, 80% of the
total. Azure Power has a long history of developing and operating solar
power plants with SECI. In 2015, Azure Power developed a 100 MW solar
power plant outside a solar park in the state of Rajasthan, which was
SECI’s first allocation and also the largest solar power project under
India’s National Solar Mission at commissioning. Today, Azure Power
stands with over a 400 MW portfolio with SECI.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, “Our long history of
superior solar power operations with SECI right from the inception of
National Solar Mission has contributed to our success of procuring one
of the largest solar power contracts with SECI. We 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 a leading independent solar power producer
in India with a portfolio of over 1,600 MWs across several states and
union territories. 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 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.

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 Company’s 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 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 U.S. Securities and Exchange Commission, or 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
Investor Relations
Nathan Judge, CFA
[email protected]
or
Marketing
Samitla
Subba
[email protected]
+91-11-
4940 9854