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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
On January 3, 2022, Azure Power (NYSE: AZRE) announced the commissioning of its 600 MW Interstate Transmission System (ISTS) connected solar project in Bikaner, Rajasthan. This project, allocated by the Solar Energy Corporation of India (SECI), is the largest single-site solar power project in India, generating electricity at a tariff of INR 2.53 (approximately US 3.5 cents) per kWh for 25 years. The last 100 MW of the project was commissioned this month, adding to Azure Power's total of 2510 MW of operational solar assets across the country.
Azure Power Global Limited (NYSE: AZRE) provided operational and financial updates in connection with its Rights Offering announced on December 27, 2021. The Company signed Power Purchase Agreements (PPAs) for 600 MWs at INR 2.54 per kWh and another 2,333 MWs at INR 2.42 per kWh with Solar Energy Corporation of India. It also issued $414 Million in Solar Green Bonds. Azure Power received favorable legal rulings regarding outstanding payment disputes and is evaluating potential renewable energy asset acquisitions in India. Allegations against key personnel were investigated with no substantiated claims found.
Azure Power Global Limited has announced a record date of January 6, 2022, at 5:00 p.m. Eastern Time for a rights offering. Shareholders will receive non-transferable subscription rights to purchase up to 15,828,917 new equity shares at no charge. The rights offering will be detailed in a prospectus supplement distributed on January 7, 2022. This initiative aims to raise capital while providing existing shareholders with the opportunity to increase their stake in the company. The rights offering is part of Azure Power's strategy to enhance its market position as a renewable power producer in India.
Azure Power Global Limited (NYSE: AZRE) has announced a rights offering aimed at raising up to $249,938,599. Shareholders will receive one non-transferable subscription right for each equity share held by 5:00 p.m. ET on January 6, 2022. Each right entitles the holder to purchase 0.3275 equity shares at $15.79 per whole share. Major shareholders, CDPQ and OMERS, have agreed to exercise their rights fully and backstop any shares left unsubscribed. The offering begins distribution on January 7, 2022 and closes on January 24, 2022.
Azure Power Global Limited (NYSE: AZRE) held its 2021 Annual Meeting of Shareholders on December 21, 2021, in New Delhi. All proposals for shareholder approval were successfully adopted. The approved items included the Annual Report for the fiscal year ending March 31, 2021, the re-appointment of Ernst & Young as the independent auditor for the fiscal year ending March 31, 2022, and the re-election of three directors: Muhammad Khalid Peyrye, Yung Oy Pin Lun Leung, and Richard Alan Rosling.
Azure Power (NYSE: AZRE) has signed its largest Power Purchase Agreements (PPAs) with Solar Energy Corporation of India for a capacity of 2,333 MW of solar power projects. The projects will supply power at a fixed tariff of INR 2.42 per kWh for 25 years, with phased commissioning starting in November 2024. Additionally, Azure Power received a Letter Of Award for a 200 MW hybrid power project at a tariff of INR 2.62 per kWh, combining solar and wind capacity. This marks a significant expansion in the company's renewable energy efforts in India.
Azure Power, a leading renewable energy producer in India, announced its financial results for the fiscal second quarter ended September 30, 2021. The company reported a total capacity of over 7.2 gigawatts, with 2.3 GWs operational and 0.6 GWs under construction. A conference call will take place on December 13, 2021, at 8:30 a.m. ET to discuss these results. Investors can access the call live via webcast. Azure Power has been a pioneer in solar energy development in India since 2008 and aims to provide low-cost solar power solutions.
Azure Power Global Limited (NYSE: AZRE) reported its consolidated results for the fiscal second quarter 2022, ending September 30, 2021. Operating revenues rose by 25% to INR 4,386 million (US$ 59.1 million), driven by new projects and carbon credits. Adjusted EBITDA increased 59% to INR 3,685 million (US$ 49.8 million). Operating megawatts grew to 2,210 MWs, a 31% rise from the previous year. However, the company posted a net loss of INR 300 million (US$ 4.0 million), improving from a loss of INR 368 million in the same quarter last year, attributed to higher legal and tax expenses.
Azure Power (NYSE: AZRE) has signed Power Purchase Agreements (PPAs) for 600 MW of solar power projects with the Solar Energy Corporation of India (SECI). These agreements, part of a 4 GW manufacturing-linked initiative, will deliver energy for 25 years at a fixed tariff of INR 2.54 (~US 3.4 cents) per kWh. The projects will be located in Rajasthan, with connectivity approval and land acquisition confirmed. The commissioning is expected by Q3 FY 2024. Azure Power aims to create shareholder value through these contracts, emphasizing their commitment to profitable growth.
Azure Power Global Limited (NYSE: AZRE), a top renewable power producer in India, will host its annual general meeting on December 21, 2021, at 3 p.m. in New Delhi. Key proposals include adopting the annual report for the year ended March 31, 2021, re-appointing Ernst & Young as independent auditor, and re-electing directors. Shareholders recorded by November 22, 2021, can vote. The agenda will be available on the company's website. Azure Power, with over 7 gigawatts of capacity, has pioneered India’s solar energy sector since 2009.
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