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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) 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.
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