NEW DELHI, March 22, 2019 /PRNewswire/ -- Azure Power, a
leading solar power producer in India, announced it has commissioned a cumulative capacity of
over 500 MWs since last fiscal year, bringing the company's total operational portfolio to over 1,400 MWs, one of the largest
solar portfolios in India. Over the past three months, Azure Power has commissioned over 250
MWs, among the highest installations by a company in this period. All utility-scale projects commissioned since the past fiscal
year were commissioned ahead of schedule. Recent commissioning of projects include the final phase of a 260 MW solar
project in Gujarat and a 100 MW solar project in Karnataka. With the commissioning of these projects, Azure Power's operational
capacity in Gujarat is now over 270 MWs, largest in the state.
![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/839834/Azure_Power_Solar_Plant.jpg)
The 260 MW project was won in an auction conducted by Gujarat Urja Vikas Nigam Ltd (GUVNL), rated AA- by ICRA, a Moody's
company, and has been developed outside a solar park. Azure Power will provide power to GUVNL for 25 years at a tariff of INR
2.67 (~US 3.9 cents) per kWh, which is 8.6% higher than the lowest bid in the market.
The 100 MW project was won in an auction conducted by Karnataka Renewable Energy Development Ltd. and has been set up at
Pavagada Solar Park, one of the largest solar parks in the world. The solar park is being developed by Karnataka Solar Power
Development Corporation Limited (KSPCL). Azure Power will supply power to the electricity supply companies of Karnataka (ESCOMs)
for 25 years at a tariff of INR 2.93 (~US 4.6 cents) per kWh, which is 20.1% higher than the lowest
bid in the market.
Earlier this fiscal year, Azure Power had commissioned a 40 MW project in Uttar Pradesh and a 50 MW project in Andhra Pradesh
and over 60 MWs of solar rooftop projects.
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief Executive
Officer, Azure Power, said, "We are pleased to have commissioned over 250 MWs during the current quarter. Our ability to
complete projects ahead of schedule and at scale is a testament to our efficiency and reliability as a trusted solar power
producer. We continue to demonstrate our strong project development, engineering, and execution capabilities and are delighted to
make this contribution towards 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