Azure Roof Power to Electrify Government Buildings of Udaipur Smart City

• The 2MW project is the first ever rooftop solar project of Udaipur
  Smart City Limited

NEW DELHI–(BUSINESS WIRE)–$AZRE #AzurePowerSolar–Azure Power (NYSE: AZRE) one of India’s leading independent solar power
producers has won the mandate to install first ever 2 MW rooftop solar
project for Udaipur Smart City Limited (USCL). As per the mandate, Azure
Roof Power will design, supply, install, commission and operate the grid
connected rooftop solar PV project for 25 years at various Government
buildings in Udaipur. The project is estimated to save 25% of USCL’s
existing electricity cost.

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 150 MWs of high quality,
operating and committed solar assets across 20 states, Azure Roof Power
has one of the largest rooftop portfolios in the country. Azure Roof
Power has a well-diversified customer base with majority portfolio
contracted with Government of India backed entities. 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, a Delhi water
utility company and various Government of India Ministries.

Speaking on the occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said “Rooftop solar forms an
essential part of the smart cities development and serves as remedies to
the growing infrastructural problems of India to build a smarter and
more sustainable future. Azure Roof Power helps lower the energy costs
of our customers and meet their greenhouse gas (GHG) emission reduction
targets. In addition, Azure Roof Power provides roof owners with an
assured stream of cash flows through lease rentals or revenue share. In
2013, we built the first MW scale rooftop project in Gandhinagar under
the smart city initiative and recently we have worked on several smart
city projects in Bhubaneshwar and Cuttack owing to our extensive
experience in providing superior solar power operations.”

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 Contact
Nathan Judge, CFA
Investor
Relations
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or
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Contact
Samitla Subba
Marketing
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