Azure Power Wins 200 MW Solar Power Project in Gujarat

• Azure Power wins 200 MWs in Gujarat; has largest solar power
  portfolio in the state (~470 MWs)

NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, announced that it has won a 200 MW solar project in Gujarat. With
this win, the Company now has a total portfolio of ~470 MWs in Gujarat
with Gujarat Urja Vikas Nigam Limited (GUVNL), making Azure Power the
largest solar power supplier to the state. GUVNL has been rated AA- by
ICRA, a Moody’s company, which is one of the highest rated state
counterparties in India.

Azure Power will sign a 25 year Power Purchase Agreement (PPA) with
GUVNL, at a tariff of INR 3.06 (~US$ 0.05) per kWh, which is 25% higher
than the lowest tariff of INR 2.44 (~US$ 0.04) in the Indian solar
market. The project will be developed by Azure Power outside a solar
park and is expected to be commissioned in 2019. Azure Power has a long
history of developing and operating solar power plants under the Gujarat
Solar Policy 2009. Some of the first solar projects in India were built
in Gujarat, given several advantages the state has including high levels
of solar radiation, an extensive and stable electric grid network, and
the strong credit quality of its DISCOMs. Azure Power developed and is
operating India’s first MW-scale distributed solar rooftop project in
Gujarat’s state capital city, Gandhinagar. In 2013, World Bank
recognized this project as one of the Top 10 public-private partnerships
in the Asia Pacific region.

Commenting on the occasion, Mr Inderpreet Wadhwa, Founder,
Chairman and Chief Executive Officer, Azure Power said, “Winning
this project is a historic milestone for us. We embarked on our mission
to be a leading solar company with a 10 MW project with GUVNL and as we
celebrate our 10-year anniversary, this 200 MW solar project win with
GUVNL takes our portfolio capacity to over 470 MWs, making us the
largest solar power supplier to the state. This achievement 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 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.

Contacts

Azure Power Global Ltd
Investor Contact
Nathan
Judge, CFA
[email protected]
Investor
Relations
or
Media Contact
Samitla Subba
[email protected]
+91-11-
4940 9854
Marketing