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Azure Power Global Limited (NYSE: AZRE) is a leading independent solar power producer driving India's renewable energy transition through utility-scale and rooftop projects. This page provides investors and stakeholders with timely updates on corporate developments, financial announcements, and operational milestones.
Access official press releases, project commissioning updates, and strategic partnership announcements in one centralized location. Our news collection covers earnings reports, regulatory filings, technology innovations, and sustainability initiatives directly from the company.
Key updates include solar capacity expansions, power purchase agreements, operational performance metrics, and leadership developments. Content is organized chronologically to help track the company's progress in India's growing renewable energy sector.
Bookmark this page for streamlined access to Azure Power's latest announcements. Check regularly for updates on new project commissions, financial disclosures, and strategic moves shaping India's solar energy landscape.
Azure Power (NYSE: AZRE) has received a letter of award (LOA) for its first 150 MW wind-solar hybrid power project from the Solar Energy Corporation of India (SECI). The project aims to provide power at a fixed tariff of INR 2.35 (~US 3.2 cents) per kWh for 25 years. This initiative is part of SECI's larger 1,200 MW ISTS Hybrid Tranche – IV tender and includes the installation of 100 MW solar and 50 MW wind capacity within 18 months. The project’s progression is pending a decision from the Delhi High Court regarding a related legal challenge.
Azure Power (NYSE: AZRE) announced the receipt of a letter of award (LOA) for a 120 MW ISTS wind project from Solar Energy Corporation of India (SECI). The project, located in Karnataka, will supply power for 25 years at a tariff of INR 2.70 (~US 3.6 cents) per kWh. It is part of SECI's 1,200 MW ISTS Tranche – XI tender and is expected to be constructed within 18 months from the signing of the Power Purchase Agreement (PPA). This achievement marks Azure's entry into wind energy, expanding its renewable energy presence in India.
Azure Power Global Limited (NYSE: AZRE) has appointed Mr. Alan Rosling as a non-executive and nominee Director by Caisse de dépôt et placement du Québec, replacing Mr. Barney Rush as Chairman of the Board, effective September 30, 2021. Mr. Rush, who retired after nearly six years, commended the company's growth in India's clean energy sector. Mr. Rosling brings extensive leadership experience and a focus on ESG advisory, stating that Azure is well-positioned for future opportunities in the decarbonizing economy. His appointment underscores Azure's strategic vision in renewable energy.
Azure Power Global Limited (NYSE: AZRE) reported its fiscal first quarter 2022 results for the period ending June 30, 2021. The company achieved a 13% increase in operating revenues to INR 4,440 million (US$ 59.7 million) and a net profit of INR 697 million (US$ 9.6 million), up from INR 46 million the previous year. Operating capacity grew by 23% to 2,052 MWs, with a total of 6,955 MWs contracted or awarded. A significant milestone includes a green bond issuance of US$414 million, aimed at refinancing existing debt. The company anticipates revenues between INR 17,900 – 18,900 million for FY2022.
Azure Power Global Limited (NYSE: AZRE) announced the issuance of a dollar green bond amounting to US$414 million, maturing in 2026 with a coupon of 3.575%. This coupon is the lowest in the high-yield segment for any business in India, marking a significant milestone for Azure Power. The bond's order book exceeded USD 2 billion, reflecting strong global investor confidence. Proceeds will primarily refinance a previous US$500 million green bond, expected to reduce debt costs by over 200 basis points for its solar projects portfolio.
Azure Power Global Limited (NYSE: AZRE) announced that OMERS Infrastructure acquired a 19.4% stake in the company from the International Finance Corporation for US$219 million. CEO Ranjit Gupta expressed appreciation for IFC's past support and emphasized the transaction as a validation of Azure Power's leading position in India's renewable energy market. OMERS aims to diversify its investments in quality Indian assets, recognizing Azure Power's role in energy transformation. The investment will enhance Azure Power's access to patient capital and drive further growth.
Azure Power (NYSE: AZRE), a leading renewable power producer in India, has filed its annual report on Form 20-F for the fiscal year ending March 31, 2021, with the SEC. The report is accessible on Azure Power's investor relations website and the SEC's site. Shareholders can request a hard copy of the report at no cost. Azure Power has been a pioneer in India's solar sector since 2008, focusing on low-cost renewable energy solutions while managing the entire development and operation process of utility-scale projects.
Azure Power Global Limited (NYSE: AZRE) reported its consolidated results for the fiscal fourth quarter 2021, ending March 31, 2021. Operating revenues rose 16% to INR 4,271 million (US$ 58.4 million). However, the company faced a net loss of INR 2,791 million (US$ 38.1 million) due to an impairment loss of INR 3,255 million (US$ 44.5 million). Adjusted EBITDA increased 44% to INR 3,799 million (US$ 52.0 million), while Cash Flow to Equity rose 55%. The company's MW operating capacity reached 1,990 MW, a 20% increase year-over-year, with guidance expecting operational MWs between 2,750 and 2,955 for fiscal year 2022.
Azure Power, a top independent renewable power producer in India, will release its financial results for the fiscal fourth quarter ending March 31, 2021, after the market closes on June 15, 2021. A conference call to discuss the results is scheduled for June 16, 2021, at 8:30 a.m. ET. Azure Power's portfolio includes 6.9 GW, with 2.0 GW operational, 0.9 GW under construction, and 4.0 GW awarded pending PPAs. The company emphasizes its commitment to providing sustainable energy solutions across India.
Azure Power Global Limited has signed a binding agreement to sell its non-core solar rooftop portfolio to Radiance Renewables Pvt. Ltd. for INR 5,365 million (US$ 73.5 million). The rooftop portfolio generated INR 331 million (US$ 4.5 million) in EBITDA for the 12 months ending December 30, 2020. Excluding rooftop revenues, the new FY'22 revenue guidance is INR 17,200 – 18,200 million (US$ 236 – 249 million). The company anticipates a one-time charge of INR 2,900 – 4,400 million (US$ 40 – 60 million) related to this transaction, with proceeds expected before December 31, 2021.
