NEW DELHI, March 7, 2019 /PRNewswire/ -- Azure Power, a leading
solar power producer in India, announced it has received a letter of award (LOA) for a 300 MW
solar power project through an auction conducted by Solar Energy Corporation of India (SECI), a
Government of India enterprise and a company with an AA+ domestic debt rating by ICRA, a Moody's
Company. With this win, Azure Power has one of the largest Inter State Transmission System (ISTS) pipeline of projects with
sovereign counterparties in India and 86% of the company's overall pipeline is with strong
counterparties that have domestic debt ratings that are A or higher. Azure Power expects to sign a 25-year power purchase
agreement with SECI to supply power at a tariff of INR 2.58 (~US 3.7 cents) per kWh, which is 5.7%
higher than the lowest bid in the market. The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020.
![Azure_Power_Logo Azure_Power_Logo](https://mma.prnewswire.com/media/819565/Azure_Power_Logo.jpg)
![Azure_Power_Solar_Plant Azure_Power_Solar_Plant](https://mma.prnewswire.com/media/832280/Azure_Power_Solar_Plant.jpg)
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief Executive
Officer, Azure Power said, "SECI concluded 1950 MWs of auctions for solar projects last month and we are pleased to win a 300
MW project at a tariff 4% higher than the lowest bid in these auctions. This is a direct result of our strong project development
and execution capabilities. We have secured interconnection for over 1.2 GW projects well ahead of schedule in highest solar
radiation locations, thus minimizing execution risk and maximizing returns. 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."
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-Indian portfolio over 3 gigawatts. With its
in-house engineering, procurement and construction expertise and advanced inhouse 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, 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.
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
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SOURCE Azure Power