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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 Limited (NYSE: AZRE) held its 2022 Annual Meeting of Shareholders on September 30, 2022, in New Delhi. All proposals submitted received shareholder approval. Key decisions included the re-appointment of Ernst & Young as the independent auditor for the fiscal year ending March 31, 2023, and the re-election of directors Deepak Malhotra and M. S. Unnikrishnan, along with the ratification of Christine Ann McNamara and Delphine Voeltzel as new directors. Azure Power continues to lead in renewable energy solutions, emphasizing its commitment to sustainability and operational excellence.
Azure Power Global Limited (NYSE: AZRE) announced the appointment of Sugata Sircar as an Independent non-executive Director effective October 01, 2022. This brings the Board to ten directors, including five independent members. Sircar has over 32 years of experience in various sectors, notably as CFO at Schneider Electric India and Managing Director at Gujarat Gas. The company believes Sircar's diverse expertise will enhance its growth in India's renewable energy sector, as stated by the Chairman and Acting CEO.
Azure Power (NYSE: AZRE) has appointed Ms. Shweta Srivastava as the new Chief Human Resource Officer (CHRO) effective September 21, 2022. She brings over two decades of HR experience from various Fortune 500 companies, previously serving as Group Head Talent Acquisition at Vedanta Ltd. In her role, she will focus on human resource strategy, succession planning, and talent management to strengthen Azure's organizational culture and performance. Azure Power is recognized as a leader in India's renewable energy sector, committed to developing large-scale solar projects.
Azure Power has signed an agreement with First Solar for 600 MW DC of advanced thin film solar modules. This marks the first order from First Solar's Tamil Nadu facility, set to commence in H2 2023. The deal will allow Azure Power to receive deliveries of Series 7 modules from late 2023 through 2025. First Solar's new facility will have a nameplate capacity of 3.3 GW DC and is designed to produce modules tailored for India. This partnership enhances Azure Power's supply chain stability and assures them of advanced technology in the competitive energy market.
Labaton Sucharow is investigating Azure Power Global Ltd. (NYSE: AZRE) for potential federal securities law violations. This follows the resignation of Azure's CEO on August 29, 2022, just two months post-appointment. The company announced receiving a whistleblower complaint in May 2022, citing alleged procedural irregularities and misconduct by employees at a subsidiary. A review revealed deviations from safety norms and manipulation of project data. In response to these revelations, Azure's stock price plummeted by 46% during intraday trading on the same day.
Azure Power Global Ltd. (NYSE:AZRE) announced on August 29, 2022, the departure of its newly appointed CEO, just two months into the role. The company revealed a whistleblower complaint from May regarding alleged misconduct at a subsidiary's plant, including data manipulation by employees. Following these disclosures, Azure's stock price fell by over 41%. Investors are urged to contact Barrack, Rodos & Bacine for information about their legal rights in light of the ongoing investigation into potential violations of federal securities laws.
Azure Power Global Limited (NYSE: AZRE) has appointed Mr. Rupesh Agarwal as Acting CEO, following the resignation of Mr. Harsh Shah. Agarwal, previously Chief Strategy & Commercial Officer, brings extensive leadership experience in cleantech. The company announced a delay in filing its annual report for FY 2021-22, though it has completed a 600 MW solar project in Rajasthan. Azure is also addressing whistleblower allegations and two Public Interest Litigations (PILs) related to its Power Purchase Agreements. Despite challenges, the company remains on track with cash flow and debt obligations.
Azure Power Global Limited (NYSE: AZRE) announced the immediate resignation of CEO Harsh Shah, who joined the company on July 1, 2022. The Board, led by Chairman Alan Rosling, expressed regret over Shah's unexpected departure. Shah cited unforeseen circumstances influencing his decision, despite optimism about India's renewable energy sector. The company plans to release further updates regarding future leadership. Azure Power is recognized for its pioneering role in India’s solar energy landscape, having developed the country's first utility-scale solar project in 2009.
Azure Power Global Limited (NYSE: AZRE), a leader in sustainable energy in India, will hold its Annual Meeting of shareholders on September 30, 2022, at 3 p.m. IST in New Delhi. Key proposals include re-appointing Ernst & Young as independent auditor for the fiscal year ending March 31, 2023, and re-electing several directors. Only shareholders on record as of September 2, 2022, are eligible to vote. Full details will be available on the company's website.
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