Sushil Bhagat Joins as Chief Financial Officer of Azure Power
Azure Power (NYSE: AZRE), a leading independent solar power producer in India, announced the appointment of Sushil Bhagat,
former CFO of Hindustan Power Projects Ltd. (HPPL), as the new Chief Financial Officer of Azure Power.
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Sushil Bhagat, Chief Financial Officer, Azure Power
Sushil Bhagat comes on board with over 30 years of experience of working with corporate and investment banking and then
transitioning to HPPL where he worked extensively on fund raising and inorganic growth opportunities. As a previous investment
banker, he raised $12+ billion of funds and led complex advisory and M&A assignments across all infrastructure sectors.
Subsequently, he has headed finance, commercial and strategy functions at Coastal Projects and helped it achieve an enterprise
value of over $4 billion in six years. Sushil has supervised 1,200 MWs of thermal and 400+MWs of solar power assets while at HPPL.
He has also served in various corporate leadership roles at Coastal Projects, Wachovia, Axis Bank and State Bank Group.
S.K Gupta, former CFO of Azure Power has been appointed Executive Vice President – O&M and will head the O&M business
unit to manage the company’s fast-growing fleet of assets.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, "We are
pleased to welcome Sushil Bhagat as the Chief Financial Officer of Azure Power. Given his proven track record, we are confident
that he will be a strong leader for our business and a great addition to the management team. We are also excited to have S.K Gupta
take over the O&M business unit. He brings a wealth of experience to optimize our significant and fast growing portfolio.”
Commenting on his appointment, Sushil Bhagat said, “Azure Power is an established leader in the solar industry in India
that offers an attractive value proposition for Indian power customers by utilizing the best technology with unmatched word-class
execution, expertise and experience. I look forward to growing the Azure Power platform to the next level.”
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer in India with a portfolio of over 1,600 MWs across 22
states/union territories. With its in-house engineering, procurement and construction expertise and advanced in-house operations
and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has
developed, constructed and operated solar projects of varying sizes, from utility scale to rooftop, since its inception in 2008.
Highlights include the construction of India’s first private utility scale solar PV power plant in 2009 and the implementation of
the first MW scale rooftop project under the smart city initiative in 2013.
For more information, visit: www.azurepower.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s future financial and
operating guidance, operational and financial results such as estimates of nominal contracted payments remaining and portfolio run
rate, and the assumptions related to the calculation of the foregoing metrics. The risks and uncertainties that could cause the
Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the availability
of additional financing on acceptable terms; changes in the commercial and retail prices of traditional utility generated
electricity; changes in tariffs at which long term PPAs are entered into; changes in policies and regulations including net
metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of
solar panels and other raw materials; its limited operating history, particularly as a new public company; its ability to attract
and retain its relationships with third parties, including its solar partners; its ability to meet the covenants in its debt
facilities; meteorological conditions and such other risks identified in the registration statements and reports that the Company
has filed with the U.S. Securities and Exchange Commission, or SEC, from time to time. All forward-looking statements in this press
release are based on information available to us as of the date hereof, and the Company assumes no obligation to update these
forward-looking statements.
Azure Power
Investor Contact
Nathan Judge, CFA
Investor Relations
ir@azurepower.com
or
Media Contact
Samitla Subba
Marketing
pr@azurepower.com
+91-11- 4940 9854
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