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Azure Power Global Limited (NYSE: AZRE) is a leading independent solar power producer in India, with a diversified portfolio of over 1,600 MWs across various states and union territories. Since its inception in 2008, Azure Power has been dedicated to providing low-cost and reliable solar power solutions through its in-house engineering, procurement, and construction expertise, as well as advanced operations and maintenance capabilities.
Azure Power has developed, constructed, and operated solar projects of varying scales, including utility-scale, rooftop, and mini & micro-grids. Notably, in 2009, the company constructed India’s first private utility-scale solar PV power plant, and in 2013, it implemented the first MW-scale rooftop project under the smart city initiative. These accomplishments highlight Azure Power's pioneering role in India's renewable energy sector.
The company's portfolio includes significant achievements and ongoing projects that demonstrate its commitment to driving sustainable energy solutions. Azure Power's current projects are comprehensive, both in scale and impact, ranging from utility-scale solar plants to innovative rooftop installations.
In the fiscal year ended March 31, 2023, Azure Power reported operating revenues of INR 21,094 million (US$ 256.6 million), reflecting a 14% increase from the previous year. The company also achieved a total operating capacity of 2,955 MWs as of the same date, excluding its rooftop portfolio.
Azure Power is strengthening its management team and expanding its internal controls to enhance its operations further. Recently, the company appointed ASA & Associates LLP as its independent public accounting firm and MSKA & Associates as the statutory auditors for its subsidiaries.
Despite facing challenges such as whistle-blower allegations and changes in auditors, Azure Power remains focused on its growth trajectory and operational excellence. The company continues to engage with regulatory bodies and stakeholders to ensure compliance and transparency in its operations.
Azure Power is committed to accelerating India's energy transition by developing and operating large utility-scale renewable energy projects, thereby contributing significantly to the country's sustainable development goals.
For more information, visit: www.azurepower.com
Azure Power Global will hold a Special Meeting of shareholders on June 21, 2024, to adopt the Annual Report for the year ended March 31, 2023, and conduct other business. Shareholders on record as of May 22, 2024, are eligible to attend and vote.
Azure Power is a sustainable energy solutions provider and renewable power producer in India, known for developing, constructing, and operating renewable energy projects since 2009.
Azure Power Global Limited (NYSE: AZRE), a prominent renewable power producer in India, announced significant changes in its Board of Directors. Effective March 30, 2023, Gowtamsingh (Vikash) Dabee joined as an Independent Non-Executive Director, bringing over 25 years of experience in accounting and audit. His previous roles include serving as CFO and Company Secretary in a multinational firm, enhancing internal control systems. Concurrently, Yung Oy Pin (Jane) Lun Leung resigned from the Board on March 16, 2023, after serving since November 2019. The Chairman and Acting CEO expressed confidence in the new appointment, highlighting the expected positive impact on Azure's governance.
Azure Power Global Limited (NYSE: AZRE) announced on February 15, 2023, that the New York Stock Exchange has granted it an extension until July 15, 2023, to file its annual report on Form 20-F for the fiscal year ended March 31, 2022. This extension is subject to ongoing reassessment by the NYSE and is part of the late filer rules outlined in Section 802.01E of the NYSE Listed Company Manual. Azure is in continuous communication with the NYSE regarding this matter, as failure to meet the milestones could lead to early trading suspension. If the report is not filed by August 16, 2023, the NYSE may initiate suspension and delisting procedures.
Azure Power Global Limited (NYSE: AZRE) appointed Jean-François Boisvenu as an Independent Non-Executive Director, effective February 8, 2023. This addition expands the Board to eleven directors, with a majority being independent. Boisvenu, a partner at Eversheds Sutherland, brings expertise in international banking and financial regulation. Chairman Alan Rosling expressed excitement about the fresh perspective Boisvenu will offer, while Acting CEO Rupesh Agarwal emphasized his potential impact on the company's growth. Azure Power, a leader in India's renewable energy sector, is focused on driving success in the clean energy space.
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