Azure Power to Electrify Hindustan Aeronautics Limited
Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced it has received a letter of intent
for a 6 MW solar project won an auction conducted by Odisha Renewable Energy Development Agency (OREDA) for Hindustan Aeronautics
Limited (HAL). The capacity won is 100% of the total capacity allocated. Azure Power expects to sign a 25-year power purchase
agreement with HAL which has a domestic debt rating of AAA by CRISIL, a S&P company, at a tariff of INR 3.13 (~US 4.6 cents)
per kWh. The project will be developed by Azure Power within HAL estate area of approx 30 acres. HAL is a major domestic supplier
of aviation equipment to the Indian defence sector and is governed under the management of the Indian Ministry of Defence.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180924005370/en/
Azure Power Solar Project (Photo: Business Wire)
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer said, “We are pleased to
announce our win with HAL and with this, we continue to demonstrate our strong project development, engineering, and execution
capabilities. We are delighted to make this contribution towards the realization of our Hon’ble Prime Minister’s commitment towards
clean and green energy, through solar power generation.”
Azure Power has been among the most active participants in solar power auctions since the beginning of the solar power market in
India and the majority of the Company’s portfolio are with customers that have some of the best credit ratings in India, most of
which are backed by the Government of India.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-Indian portfolio. 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, rooftop to mini & micro grids, 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. 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 SEC from time to time. In the press release, megawatts portfolio represents the aggregate megawatt capacity of solar power
plants pursuant to PPAs, signed or allotted or where the Company has been cleared as one of the winning bidders or won reverse
auction, but yet to receive letter of allotment. 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.
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180924005370r1&sid=mstr3&distro=nx&lang=en)
Investor Contact
Nathan Judge, CFA
ir@azurepower.com
Investor Relations, Azure Power
Media Contact
Samitla Subba
pr@azurepower.com
+91-11- 4940 9854
Marketing, Azure Power
View source version on businesswire.com: https://www.businesswire.com/news/home/20180924005370/en/