Welcome to our dedicated page for AZRE news (Ticker: AZRE), a resource for investors and traders seeking the latest updates and insights on AZRE stock.
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) announced the resignation of CEO Ranjit Gupta and COO Murali Subramanian, effective immediately, to pursue other opportunities. Alan Rosling, the Non-Executive Chairman, will oversee the company until a new CEO is appointed. The board is actively searching for a new leader to guide Azure's growth, which boasts a 4.5 GW pipeline. Azure operates over 7.4 GWs of renewable energy projects in India, reinforcing its status as a major player in the sustainable energy sector.
Azure Power (NYSE: AZRE) has fully commissioned its 300 MWs Interstate Transmission System solar power project, Rajasthan 8, located in Bhadla, Rajasthan. The project, awarded by the Solar Energy Corporation of India (SECI), will supply power at a tariff of INR 2.58 (approximately US $0.037) per kWh for 25 years. This expansion brings Azure Power’s operational capacity to 2,683 MWs of renewable energy in India. The company has successfully operationalized nearly 700 MWs this fiscal year, demonstrating strong project development capabilities despite recent challenges.
Azure Power (NYSE: AZRE) has announced changes to its Board of Directors, effective March 1, 2022. Christine McNamara joins as an Independent non-executive Director, bringing over 25 years of experience in the energy sector, including roles at PowerGen Plc and BG Group Plc. She will chair the Audit Committee. Arno Harris, who has served nearly six years, is stepping down due to other commitments but leaves with confidence in the company's future as a leader in India's energy sector.
Azure Power Global Limited (NYSE: AZRE) reported its consolidated fiscal Q3 results for 2022, ending December 31, 2021. Operating megawatts (MWs) reached 2,523, marking a 37% increase year-over-year. Total operating revenues were INR 4,480 million (US$ 60.2 million), a 27% rise from the previous year. The net loss decreased to INR 610 million (US$ 8.2 million), down from INR 1,088 million in Q3 2021. Adjusted EBITDA surged 152% to INR 3,935 million (US$ 52.9 million). Cash flow to equity increased by 58% to INR 1,941 million (US$ 26.1 million).
Azure Power (NYSE: AZRE) is set to release its financial results for the third quarter of fiscal 2022, which ended on December 31, 2021, after market closure on February 25, 2022. A conference call to discuss these results will take place on February 28, 2022, at 8:30 a.m. Eastern Time. Investors can pre-register for the call or join via dial-in options provided. Azure Power aims to lead in sustainable energy in India, with a mission to eliminate 230 million tons of emissions by 2030 and plans for enhanced financing and operational strategy.
Azure Power (NYSE: AZRE) announced successful refinancing of its INR 23.50 billion (approx. USD 313 million) project finance facility for its 600 MWs ISTS-connected solar project, fully commissioned in December 2021. The refinancing, with a fixed interest rate of 7.2% for 42 months, is the lowest rate for any project finance facility in its portfolio. CFO Pawan Kumar Agrawal highlighted substantial savings in interest costs and improved project IRR. This project, located in Bikaner, Rajasthan, is India's largest solar power project owned by a single developer.
Azure Power Global Limited announced the results of its rights offering, revealing that 78.4% of the offered rights were exercised by January 24, resulting in 12,404,282 new equity shares subscribed. The remaining 3,424,635 shares will be acquired by CDPQ Infrastructures Asia and OMERS Infrastructure under a Backstop Commitment Agreement. Overall, the offering raised gross proceeds of $249,938,599. Shareholders participating in the offering will see their shares issued on or about January 28, 2022.
Azure Power Global Limited (NYSE: AZRE) has successfully closed its rights offering, expecting to raise $249,938,599 with backing from shareholders CDPQ Infrastructures Asia and OMERS Infrastructure Asia Holdings. The offering closed at 5pm ET on January 24, 2022, with final results anticipated to be announced on January 26, 2022. Investors can expect their shares to be issued in book-entry form by January 28, 2022.
Azure Power Global Limited (NYSE: AZRE) has launched a rights offering aiming to raise up to $249,938,599. Each shareholder will receive one non-transferable subscription right for each equity share held as of January 6, 2022. The offering will remain open until January 24, 2022, unless extended. This rights issue aims to enhance the company’s financial resources and sustain its growth in the renewable energy sector in India.
FAQ
What is the market cap of AZRE (AZRE)?
What does Azure Power do?
When was Azure Power founded?
What are some significant achievements of Azure Power?
Who are the current auditors for Azure Power?
How is Azure Power contributing to India's renewable energy sector?
What were Azure Power's revenues for the fiscal year ended March 31, 2023?
What is the total operating capacity of Azure Power as of March 31, 2023?
How is Azure Power improving its internal controls?
Where can I find more information about Azure Power?
What are the future plans for Azure Power?
