Azure Power Global Limited Update

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NEW DELHI, Aug. 29, 2022 /PRNewswire/ — Azure Power Global Limited (NYSE: AZRE) (“Azure” or the “Company”) in the present day introduced the appointment of Mr. Rupesh Agarwal as its Acting Chief Executive Officer (“CEO”). Mr. Agarwal takes over from Mr. Harsh Shah who has resigned as CEO with quick impact. The Board will take into account appointment of a brand new everlasting CEO in the end.

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Mr. Agarwal, who joined the Company earlier this month as Chief Strategy & Commercial Officer after a interval of performing as a Consultant to the Board, brings over twenty years of management expertise in asset growth and technique consulting, advising main utilities and personal fairness traders on growing and managing their cleantech investments. Mr. Agarwal has held management positions at Convergence Energy Services, a Government of India-owned firm, Lightsource India, BDO, and EY. He was additionally the founding father of AEM Energi & Motum, a zero-emission electrical mobility firm, which pioneered India’s first public electrical bus trials. Mr. Agarwal will work carefully with the Company’s Board to steer the Company at this crucial juncture.

Alan Rosling, Chairman of the Board, mentioned, “The Board very much regrets Harsh’s unexpected decision to leave the Company after joining only from July 1, 2022. We wish him well for the future. We are pleased that Rupesh is stepping up to lead the Company at this time. The Board will be working closely with Rupesh to ensure the Company’s commercial objectives are met as Azure scales its capacity in the growing Indian market.”

FY 2021-22 ANNUAL REPORT

Following its August 12, 2022, announcement of a delay within the submitting of the Company’s annual report on Form 20-F for the monetary 12 months ended March 31, 2022 (“FY 2021-22”), the Company reiterates that it’s working in shut session with its advisers to shut its annual accounts. At this level, the Company is unable to offer a agency timeline for submission of its Form 20-F for FY 2021-22.

PERFORMANCE UPDATE

While the audit of the monetary statements for FY 2021-22 has not but been accomplished, key operational highlights are set forth beneath. The info supplied on this launch is unaudited and provisional and thus topic to completion of the Company’s FY 2021-22 monetary year-end audit. Investors are suggested, subsequently, that this info could also be topic to vary.

During FY 2021-22, the Company totally commissioned its 600 MW AC undertaking with Solar Energy Corporation of India (“SECI”) in Rajasthan, the most important owned and operated single website photo voltaic undertaking by any developer within the nation. Subsequent to the tip of FY 2021-22, Power Purchase Agreements (“PPAs”) have additionally been executed with SECI for the Company’s first 150 megawatts (“MWs”) solar-wind hybrid undertaking and the Company’s first 120 MWs wind undertaking.

Azure’s Plant Load Factor (“PLF”), together with the rooftop portfolio, for FY 2021-22, was 21.6%. Electricity technology, together with the rooftop portfolio, throughout FY 2021-22 was 4,551 million kWh, a rise of 1,056 million kWh or 30%, over the fiscal 12 months ended March 31, 2021.

For the tasks beneath RG1 (3.575% Solar Green Bonds maturing in 2026) and RG2 (5.65% Solar Green Bonds maturing in 2024), the PLF was 18.6% and 21.4%, respectively, and electrical energy technology was 995 million kWh and 1,367 million kWh, respectively.

WHISTLEBLOWER ALLEGATIONS

The Company obtained a whistleblower criticism in May 2022 alleging potential procedural irregularities and misconduct by sure staff at a plant belonging to one in all its subsidiaries. As a part of the Company’s assessment of those allegations, it found deviations from security and high quality norms, and it has applied mechanisms to remediate them and in so doing strengthen security and high quality protocols. Azure’s Audit Committee, with the help of authorized counsel and forensic accounting assist, additionally recognized proof of manipulation of undertaking information and data by sure staff. The Company is implementing quick remedial measures, and Azure is initiating disclosure of the findings to the suitable authorities.

PUBLIC INTEREST LITIGATIONS

Regarding Azure’s Power Purchase Agreements (PPAs) for its 2,333 MWs tasks beneath the manufacturing linked tender of 4,000 MWs, two Public Interest Litigations (“PILs”) have been filed within the High Court of Andhra Pradesh, difficult numerous points of the manufacturing tender and searching for to quash the Andhra Pradesh Regulator’s approval for procurement of capability tied up with SECI. Further, the tariff adoption for the capacities by the Central Electricity Regulatory Commission has additionally been made topic to the result of the PILs. The Company is evaluating the affect of those PILs

FAVORABLE RESOLUTION OF LEGAL DISPUTES

The Company has obtained a good Award from the Singapore International Arbitration Centre, which has additional been upheld by the Singapore High Court, in a continuing initiated by former Chairman and CEO Mr. Inderpreet Singh Wadhwa and erstwhile COO Mr. H.S. Wadhwa in relation to the acquisition worth of their shares in Azure Power India Private Limited.

The Company has secured an order from a better discussion board in Andhra Pradesh directing funds of pending and future payments on the PPA tariff of its 50 MW undertaking in Andhra Pradesh. Further to the principles (Late Payment Surcharge Rules and associated Matters, 2022) issued by Ministry of Power on June 3, 2022, the offtaker Southern Power Distribution Company of Andhra Pradesh Ltd has initiated month-to-month funds.

Azure just lately obtained all dues from the offtaker Hubli Electricity Supply Company (“HESCOM”) for its 50 MW undertaking in Karnataka pursuant to current court docket orders. In respect of its 40 MW undertaking in Karnataka, HESCOM has initiated fee of the excellent receivables.

The Company has obtained a good court docket order for its 10 MW undertaking in Bihar whereby the Company’s claims on account of a change in regulation for operation and upkeep costs have been allowed.

The Board believes that Azure’s underlying business stays basically sturdy. The Company continues to function consistent with its budgets and business plans. Cash circulate and collections from clients proceed within the strange course. The Company continues to service all its debt fee obligations, and Azure’s liquidity place stays sturdy, bolstered by its current US$250 million rights situation.

Conference Call

The Company will host a convention name to debate updates on Wednesday, August 31, 2022, at 9:30 a.m. US Eastern Time. Investors might entry the convention name particulars by visiting http://investors.azurepower.com/events-and-presentations. Participants are inspired to pre-register for the convention name by utilizing the hyperlink beneath. Participants who pre-register will probably be given a singular PIN to achieve quick entry to the decision. Pre-registration could also be accomplished at any time as much as the decision begin time.

To pre-register, go to:

https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=5317820&linkSecurityString=187417ffe8

Members of the general public who wish to be part of, however haven’t pre-registered, can accomplish that by dialling +1-866-746-2133 (within the U.S.) and +91-22-6280-1444 (exterior the U.S.). The quantity must be dialled a minimum of 10 minutes previous to the beginning of the convention name. For these unable to hearken to the reside broadcast, a podcast will probably be obtainable on the web site roughly two hours after the conclusion of the decision and will be accessed at http://investors.azurepower.com/events-and-presentations.

About Azure Power

AZURE is a number one unbiased sustainable vitality options supplier and energy producer in India on a mission to create worth for all stakeholders via high-performance Renewable Energy belongings. Azure developed India’s first utility scale photo voltaic undertaking in 2009, and since then, has grown quickly to turn out to be a pacesetter in growing and working giant utility-scale renewable vitality tasks within the nation. Azure additionally companions with industrial and industrial clients of their decarbonization journey by offering complete options for his or her clear vitality wants.

For extra details about Azure, go to: www.azurepower.com.

Forward-Looking Statements

This press launch accommodates forward-looking statements throughout the that means of Section 21E of the US Securities Exchange Act of 1934, as amended, and the US Private Securities Litigation Reform Act of 1995, together with statements relating to the Company’s future monetary and working steering, operational and monetary outcomes akin to estimates of nominal contracted funds remaining and portfolio run charge, and the assumptions associated to the calculation of the foregoing metrics. The dangers and uncertainties that would trigger the Company’s outcomes to vary materially from these expressed or implied by such forward-looking statements embody: the provision of further financing on acceptable phrases; modifications within the industrial and retail costs of conventional utility generated electrical energy; modifications in tariffs at which long run PPAs are entered into; modifications in insurance policies and rules together with internet metering and interconnection limits or caps; the provision of rebates, tax credit and different incentives; curtailment; the provision of photo voltaic panels and different uncooked supplies; its restricted working historical past, notably as a brand new public firm; its potential to draw and retain its relationships with third events, together with its photo voltaic companions; its potential to satisfy the covenants in its debt amenities; meteorological situations and such different dangers recognized within the registration statements and experiences that the Company information with the US Securities and Exchange Commission once in a while. All forward-looking statements on this press launch are primarily based on info obtainable to the Company as of the date hereof, and the Company assumes no obligation to replace these forward-looking statements.

For extra info:

Investor Contact

ir@azurepower.com

Media Contact

pr@azurepower.com

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