Appointment of Independent Director on the Board of Azure Power Global Limited

Rhea-AI Summary

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.

Positive

• Appointment of Jean-François Boisvenu enriches the Board with extensive experience in banking and finance.
• Majority of the Board consists of independent directors, which may enhance corporate governance.

Negative

• Concerns about continuity and potential experience gaps with new board members.

NEW DELHI, Feb. 10, 2023 /PRNewswire/ -- Azure Power Global Limited (the "Company" or "Azure") (NYSE: AZRE), an independent sustainable energy solutions provider and renewable power producer in India, today announced appointment of Mr. Jean-François Boisvenu as an Independent Non-Executive Director based in Mauritius on the Company's Board effective February 08, 2023. This appointment expands the Board to eleven directors, all of whom are Non-Executive and a majority of whom are independent directors.

Mr. Boisvenu has extensive experience in corporate and commercial matters, with particular expertise in international banking transactions, lending and debt capital markets transactions and financial institutions regulation.

Mr. Boisvenu is a partner at Eversheds Sutherland (Mauritius), where he has been heading the banking and finance practice since 2017. Prior to that, he was Group Head Legal at AfrAsia Bank Limited and worked at BLC Robert. Before moving to Mauritius in 2009, Mr. Boisvenu was a partner at the Canadian law firm McCarthy Tétrault (Banking and Insolvency Department), where he had practiced in the Montreal office. Mr. Boisvenu is a Member of the Quebec Bar (Canada) and a Registered Foreign Lawyer in Mauritius.

Speaking on this occasion, Alan Rosling, Chairman of the Board, Azure, said, "We are excited to welcome Jean-François Boisvenu to the board. His experience and expertise will bring a fresh perspective and provide valuable guidance to all of us. We look forward to working with him on the Board."

Jean-François Boisvenu said, "I am excited to join Azure Power and am looking forward to work with the team to drive growth and success at this important player in the clean energy space."

Commenting on the occasion, Rupesh Agarwal, Acting CEO, Azure, said, "We are delighted to have Jean-François Boisvenu on our Board. His extensive knowledge and experience will play a crucial role in driving our company forward. I look forward to working with him and achieving Azure goals together."

About Azure

Azure is a leading independent sustainable energy solutions provider and renewable power producer in India. Azure developed India's first utility scale solar project in 2009, and since then has grown rapidly to become a leader in developing and operating large utility-scale renewable energy projects in the country.

For more information about Azure, visit: www.azurepower.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and the US Private Securities Litigation Reform Act of 1995, including statements regarding the bringing of a fresh perspective and valuable guidance, driving growth and success, driving the Company forward, and achieving Company goals. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify forward-looking statements. These statements are based on current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statements.

For more information, Contact:

ir@azurepower.com 
pr@azurepower.com

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SOURCE Azure Power

FAQ

Who is Jean-François Boisvenu and what is his role in Azure Power?

Jean-François Boisvenu is the newly appointed Independent Non-Executive Director at Azure Power, effective February 8, 2023.

Why was Jean-François Boisvenu appointed to Azure Power's Board?

His extensive experience in banking and finance is expected to bring valuable guidance and a fresh perspective to the Board.

How many directors are on Azure Power's Board after the recent appointment?

The Board now consists of eleven directors, all of whom are Non-Executive, with a majority being independent.

What impact might Jean-François Boisvenu have on Azure Power?

His background in international banking and regulation could drive growth and strengthen the company's strategic direction.