Azure Power Wins 250 MW Solar Power Project with AAA Rated NTPC

• Allocated 100% of the total capacity in a recent auction by NTPC
  Vidyut Vyapar Nigam (NVVN)
• Over 580 MWs of high quality solar projects won recently increasing
  Azure Power’s portfolio by over 50%

NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, announced that it has won a 250 megawatt (MW) solar project in an
auction conducted by NTPC Vidyut Vyapar Nigam (NVVN). NVVN is a wholly
owned subsidiary of the Government of India’s largest power utility,
National Thermal Power Corporation (NTPC), which received a AAA debt
rating from CRISIL, a Standard & Poor’s Company. Azure Power will
provide power to NVVN at a tariff of INR 3.14 (~US$ 0.05) per kWh for 25
years and the solar PV project(s) can be located anywhere in India,
which will be outside a solar park. With this win, Azure Power will now
be the largest provider of solar power to AAA-rated NTPC and its
subsidiaries.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, “Our long history of
superior solar power operations with NTPC Vidyut Vyapar Nigam right from
the inception of National Solar Mission has contributed to our success
of procuring the one of the largest solar power contract auctioned by
NTPC. We are delighted to make a contribution towards the 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 23 states/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 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.

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

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