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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 (NYSE: AZRE) announced a delay in filing its Annual Report on Form 20-F for the fiscal year ended March 31, 2022, which was originally due on August 1, 2022. The revised deadline is now August 16, 2022, as the company reviews its internal controls and compliance with assistance from advisers. Despite this delay, Azure does not expect any impact on its ongoing renewable energy operations. The company is committed to enhancing processes under new leadership.
Azure Power Global Limited (NYSE: AZRE) has signed a Master Supply Agreement with Siemens Gamesa Renewable Power to procure 96 SG 3.6-145 onshore wind turbines, amounting to an overall capacity of ~346 MW. The turbine supply is expected to commence in Q2 2023. This partnership is poised to enhance Azure's commitment to sustainable energy solutions in India, aligning with the country's energy transition vision. The agreement aims to secure long-term supply visibility and create sustainable value for stakeholders.
Azure Power (NYSE: AZRE) announced the appointment of Mr. Rupesh Agarwal as Chief Strategy & Commercial Officer on August 1, 2022. He brings over two decades of experience in asset development and strategy consulting, having previously held positions at various notable firms including Convergence Energy Services and EY. His role will focus on developing a cohesive growth strategy for Azure Power. CEO Harsh Shah expressed confidence that Agarwal's expertise will enhance the company’s strategic objectives in India’s renewable energy sector.
Azure Power (NYSE: AZRE) has achieved SA8000:2014 certification, becoming the first renewable energy company in India to do so. This international standard for social accountability requires organizations to implement socially responsible practices. CEO Harsh Shah emphasized the importance of social responsibility in their operations, while Chief Sustainability Officer Sumit Barat highlighted their commitment to continuous improvement in social performance. This certification underscores Azure Power's dedication to high standards of corporate governance and stakeholder assurance.
Azure Power (NYSE: AZRE) announced on July 1, 2022, the appointment of Mr. Harsh Shah as Chief Executive Officer. Shah brings extensive experience in the energy sector, having previously led IndiGrid and served at Sterlite Power. The company aims to leverage Shah's leadership to capitalize on growth opportunities in India's renewable energy market. Chairman Alan Rosling expressed confidence in Shah's ability to drive rapid growth. Azure Power, established in 2009, is recognized for its pioneering utility-scale solar projects and aims to meet clean energy needs for commercial and industrial clients.
Azure Power Global Limited (NYSE: AZRE) announced a Module Supply Agreement with Premier Energies Group for the supply of solar modules totaling up to 600 MW annually over the next four years. Additionally, Azure will invest INR 1,000 million (~US$ 12.9 million) in Premier Group, securing a 26% stake in Premier Energies Investment Private Limited. This investment supports Premier's 1 GW manufacturing expansion in India, with the state government providing 20 acres of land for development.
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.
Azure Power (NYSE: AZRE) announced the appointment of Delphine Voeltzel to its Board as a Nominee Director from OMERS Infrastructure, effective May 11, 2022. Voeltzel, with 13 years of infrastructure experience across Europe and Asia, will bring valuable perspectives to the company. This change follows the earlier exit of Prateek Maheswari as an observer on the Board. The strategic move aims to strengthen leadership as Azure Power continues its mission in India's renewable energy sector, having pioneered the nation's first utility-scale solar project.
Azure Power Global Limited (NYSE: AZRE) has announced the appointment of Mr. Harsh Shah as Chief Executive Officer, effective July 1, 2022. Previously CEO of IndiGrid, Shah brings extensive experience in the energy sector. Chairman Alan Rosling expressed confidence in Shah's ability to lead Azure's growth in India's renewable energy space, emphasizing the company's commitment to large-scale solar, wind, and hybrid projects. Azure operates over 7.4 GWs of renewable power across India, with 2.9 GWs currently operational.
Azure Power (NYSE: AZRE) announced the successful commissioning of its 90 MW solar power project in Assam, marking the largest solar initiative in the state. The project spans four districts: Udalguri, Kamrup, Nagaon, and Cachar, with a total operational capacity exceeding 2,900 MW across India. The long-term PPA with Assam Power Distribution Company Limited ensures a tariff of INR 3.34 (~US 4.4 cents) per KWh for 25 years. Azure Power's efforts align with India's clean energy goals and the Assam government's vision for sustainable development by 2030.
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