Arno Harris Resigns from Board of Directors at Azure Power

Rhea-AI Summary

Azure Power (NYSE: AZRE) announced the resignation of Board member and Independent Director, Arno Harris, effective May 31, 2022. His resignation was not due to disagreements with the company, maintaining stability in governance. The Board currently comprises nine members, four of whom are independent. Azure Power has been established as a leader in India's renewable energy sector since developing the first utility-scale solar project in 2009, focusing on creating value through high-performance renewable assets.

Positive

• Maintains a stable board with nine members, four independent, ensuring governance continuity.
• Strong leadership legacy from Arno Harris, contributing to the company's market position.

Negative

• Potential concerns over continuity in strategic direction following the board member's departure.

NEW DELHI, June 1, 2022 /PRNewswire/ -- Azure Power (NYSE: AZRE), a leading sustainable energy solutions provider and renewable power producer in India, today announced, pursuant to its previous announcement dated February 28, 2022, that its Board member and Independent Director, Mr. Arno Harris, has confirmed his resignation from his position as a member of the Board of Directors of Azure Power and all its subsidiaries effective May 31, 2022. His decision to resign was not the result of any disagreement with the company on any matter relating to the Company's operations, policies or practices. The number of Board members as on date is nine with four members deemed independent.

The Board of Directors has expressed its great appreciation for Mr. Arno Harris for his leadership and invaluable contributions towards company's role as one of the leading renewable energy companies in India.

About Azure Power

Azure Power is a leading independent sustainable energy solutions provider and power producer in India on a mission to create value for all stakeholders through high-performance Renewable Energy assets.

We developed India's first utility scale solar project in 2009 and since then, Azure Power has grown rapidly to become a leader in developing and operating large utility-scale renewable energy projects in the country.

We also partner with commercial and industrial customers in their decarbonization journey by providing comprehensive solutions for their clean energy needs.

For more information about us, 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; curtailment; 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.

For more information:

Investor Contact
Vikas Bansal
ir@azurepower.com

Media Contact
Samitla Subba
pr@azurepower.com

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SOURCE Azure Power

FAQ

What was the reason for Arno Harris's resignation from Azure Power's Board?

Arno Harris resigned without any disagreements regarding the company's operations, policies, or practices.

How many members are currently on Azure Power's Board of Directors?

As of the announcement, Azure Power's Board consists of nine members, including four independent members.

What impact might Arno Harris's resignation have on Azure Power?

While his resignation could raise concerns about governance continuity, his departure was amicable and not due to disputes.

How has Azure Power performed in the renewable energy sector?

Azure Power has been a leader in India's renewable energy sector since 2009, focusing on high-performance renewable energy assets.