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Azure Power

Azure Power Global Limited is an India-based independent solutions provider and renewable power producer specializing in projects. Founded in 2008, the company develops, constructs, owns, operates, maintains, and sells , serving government utilities and corporate customers through long-term power purchase agreements. As of August 2025, Azure Power's operational capacity stands at 3.04 gigawatts (), with a total portfolio exceeding 4.1 including contracted and awarded projects. The company pioneered India's first private utility-scale project in 2009 and has since grown into one of the country's leading developers, leveraging advanced technology, innovative financing, and engineering to deliver competitive . Azure Power issued India's inaugural and achieved the lowest coupon rate for a USD bond by an Indian firm, supporting its expansion amid India's push toward 500 of non-fossil fuel capacity by 2030. Headquartered in , it operates projects across multiple Indian states, focusing on grid-scale and rooftop installations to reduce reliance on fossil fuels. Azure Power's mission emphasizes leading India's by displacing an estimated 230 million tons of global carbon emissions by 2030 through sustainable solutions. Notable achievements include securing for key projects, such as ₹13 billion (~$154.86 million) for a 300 MW solar facility, and pausing pursuits for its 950 MW portfolio to optimize internal growth. Formerly publicly listed on the (ticker: AZRE), the company now trades over-the-counter (ticker: AZREF) and continues to innovate in , aligning with national goals for rooftop solar expansion to 40 GW by 2026.

Overview

Founding and Early Development

Azure Power was founded in 2008 by Inderpreet Wadhwa as an independent solar power developer headquartered in New Delhi, India, with the initial mission to harness the country's abundant solar resources and provide affordable, clean energy alternatives to traditional power sources amid India's growing renewable energy demands. Wadhwa, drawing from his background in technology and infrastructure, aimed to build a fully integrated business model encompassing project development, engineering, procurement, construction, and operations for utility-scale solar photovoltaic (PV) plants. The company positioned itself to address India's energy access challenges, particularly in rural areas, by focusing on grid-connected solar installations that could integrate with the national grid and support state-level electrification goals. In its early years, Azure Power achieved a key milestone by developing India's first private utility-scale project in 2009—a 2 MW plant in Awan village, —which was commissioned in just six months and began supplying power to 32 villages and approximately 20,000 residents. This project marked the company's entry into large-scale development, demonstrating the viability of in despite nascent market conditions and limited infrastructure. To sustain growth, Azure Power secured its first power purchase agreement (PPA) with the State Electricity Board, committing to sell at a fixed tariff of 15 rupees per unit for the initial decade, which provided revenue stability and encouraged further investments in the sector. Subsequent early projects, such as a 10 MW facility in in 2011, built on this foundation by expanding into additional states and securing PPAs with other state utilities, including those in and , to diversify geographic risk and scale operations. The company's early expansion was fueled by strategic international financing, beginning with a in 2008 from firms Helion Venture Partners and Foundation Capital, followed by a Series B in led by Helion and including $10 million from the (IFC), a member of the . These funds supported project development and EPC activities, with additional backing from development finance institutions like PROPARCO and FMO enabling Azure Power to navigate India's evolving regulatory landscape under the Jawaharlal Nehru . By the pre-IPO phase, cumulative funding rounds had aggregated approximately $161 million from equity investors, including IFC, positioning the company for larger-scale deployments while maintaining a focus on long-term PPAs with state discoms for predictable cash flows.

Current Operations and Capacity

Azure Power operates as a leading (IPP) in , specializing in the development, ownership, and operation of utility-scale, commercial, and rooftop photovoltaic (PV) installations to supply to utilities and corporate customers under long-term power purchase agreements. As of November 2025, the company maintains an operational capacity of 3,041 MW across its assets, contributing to a total asset base of over 4.1 that includes approximately 1.1 of contracted and awarded projects awaiting commissioning. Following delisting from the NYSE in due to delayed filings, its shares now trade on the OTC market under the ticker AZREF. This scale positions Azure Power as a key player in India's sector, with its projects distributed primarily across the country in states such as , , and . The company's efforts align with India's ambitious national target of achieving 500 GW of non-fossil fuel capacity by 2030, supporting the country's transition to through reliable generation. As of mid-November 2025, Azure Power's stands at approximately $64 million, with its shares trading around $1.00 on the OTC market.

History

Establishment and Initial Projects (2008–2015)

Azure Power was incorporated in 2008 in , , by Inderpreet Wadhwa, with the aim of developing utility-scale projects in the country. The company began operations that year, focusing on grid-connected solar photovoltaic installations amid 's emerging renewable energy sector. In 2009, Azure Power commissioned its inaugural project, a 2 MW plant in Awan, , marking India's first privately developed utility-scale installation. This project was supported by a (PPA) with NTPC Vidyut Vyapar Nigam Limited at a of Rs. 17.91 per unit, enabling the sale of generated power to the grid. The initiative faced challenges from India's limited infrastructure and policy framework at the time, but it laid the groundwork for subsequent developments. The launch of the (JNNSM) in January 2010 provided a critical boost, establishing targets for solar capacity addition and incentives that facilitated project approvals and financing. Azure Power secured its first batch of PPAs under the JNNSM that year, enabling the development of multiple megawatt-scale projects. Concurrently, the company attracted key early investments, including a $10 million equity infusion from the (IFC) in March 2010—the first solar project funding under IFC's clean-tech program in —and additional support from European development institutions such as PROPARCO and DEG. These partnerships helped overcome financing hurdles in a nascent market, funding the construction of initial plants totaling around 17 MW operational by mid-2012, with further projects under development. By 2012, Azure Power had expanded its portfolio through additional commissions, including a 10 MW facility in in 2011, bringing cumulative operational capacity to approximately 55 MW by early 2014 as projects ramped up under JNNSM Phase I. Navigating policy uncertainties, such as evolving subsidies and grid integration requirements, the company focused on utility-scale developments in states like , , and . Investments from entities like the U.S. Export-Import Bank, including $70.35 million in 2012 for initiatives, supported this growth. Through 2015, Azure Power commissioned significant additions, such as a 100 MW plant in in June 2015—the largest under the JNNSM at the time—and a 30 MW facility in in August 2015, achieving 242 MW of operational capacity by September 30, 2015. With 244 MW under construction and 179 MW committed, the company's total pipeline reached about 665 MW, reflecting a 135% in operational capacity since May 2012. In preparation for public markets, Azure Power filed a registration statement with the on December 16, 2015, seeking to raise up to $100 million through an on the under the symbol "AZRE." This move aimed to fund further project development and amid India's accelerating ambitions.

Expansion and Milestones (2016–2023)

Following its on the in October 2016, Azure Power experienced a significant capacity surge, reaching over 1 GW of operational capacity by mid-2018 and surpassing 2 GW by early 2021. This growth was driven by the commissioning of key projects, including a 100 MW plant in developed in 2015 and operationalized as part of the post-IPO expansion, which was among the first allocations by the (SECI) outside designated solar parks. The influx of capital from the IPO enabled accelerated development and financing for utility-scale installations across states like and , aligning with India's targets. Key milestones during this period included the full commissioning of Azure Power's largest single-site project, a 600 MW interstate transmission system (ISTS)-connected facility in , , in January 2022, originally awarded in 2018 with an expected completion by 2020 but delayed due to execution challenges. The company also entered the rooftop segment meaningfully in , securing a 50 MW allocation from SECI—the largest such award at the time—for installations on across , building on earlier pilots dating back to 2013. By March 2023, Azure Power's operational capacity exceeded 3 , reaching 2,955 MW, reflecting a tripling of its portfolio since 2016 through a combination of developments and wins. Strategic expansions diversified Azure Power's portfolio beyond pure solar, with entry into hybrid solar-wind projects starting in 2021, including a 150 MW ISTS-connected hybrid initiative (100 MW solar and 50 MW wind) awarded by SECI at a tariff of INR 2.35/kWh for 25 years. International financing collaborations supported this growth, such as a $163 million syndicated loan from Mitsubishi UFJ Financial Group in July 2021 for a 300 MW Rajasthan project, enhancing access to global capital for hybrid and large-scale solar deployments. Azure Power benefited from India's competitive solar auctions and mechanisms, securing long-term power purchase agreements (PPAs) with state utilities and SECI, including rates around INR 6.93/kWh for certain projects under state-led tenders. These policies provided through 25-year contracts, enabling the company to scale amid falling module prices and improved grid integration. Corporate changes emphasized sustainable financing, highlighted by the issuance of India's first in , raising funds for low-carbon projects and marking a shift toward ESG-aligned capital structures. While Azure Power focused primarily on through auctions, it pursued selective integrations of smaller project pipelines to bolster its development queue, contributing to a total portfolio exceeding 7 GW by early 2022 (including under-construction assets). In 2022, Azure Power faced significant challenges following whistleblower complaints alleging , falsified project timelines, and safety violations at a , which led to internal investigations, downgrades, and delays in filings. These issues culminated in the company's delisting from the in November 2023 due to non-compliance with listing standards related to untimely reporting.

Leadership and Governance

Executive Team

The executive team at Azure Power leads the company's operations in developing and managing utility-scale solar power projects across India, focusing on scaling capacity, financial stability, and regulatory compliance in the renewable energy sector. Sunil Gupta serves as Chief Executive Officer, appointed on July 10, 2023, bringing over two decades of experience in building renewable energy businesses. Previously, he headed Southeast Asia and South Asia operations at Vena Energy, where he oversaw the development of more than 3 GW of renewable capacity, and served as Group Head of Renewable Energy at Sembcorp Industries. Under Gupta's leadership, Azure Power has emphasized operational efficiency and project execution to expand its portfolio amid India's growing solar market. Rajat Gupta was appointed Chief Financial Officer effective September 1, 2025, succeeding Sugata Sircar, who transitioned to a non-executive advisory role. Gupta contributes over 30 years of experience in , , , and compliance, particularly in the and sectors. He previously served as at Essar Power, managing finances for thermal and renewable assets, and held senior finance roles at entities, as well as at , Sprng Energy, and Ostro Energy. At Azure Power, Gupta oversees financial strategy, debt management, , and funding for expansion initiatives. Shweta Srivastava acts as Chief Human Resources Officer, appointed on July 28, 2022, with more than 20 years in talent acquisition, organizational development, and strategy across industries including and . She leads initiatives at Azure Power to support workforce growth and in the competitive renewable sector, previously serving in senior roles at Vedanta Ltd. and Health Insurance. Srivastava's efforts have focused on building a skilled for scaling and fostering in technical operations. Praveen Kumar Singh is the Group General Counsel, joining on July 10, 2024, with deep expertise in legal and compliance matters for platforms in and . He manages regulatory affairs, contracts, and risk mitigation related to policies and project approvals, leveraging prior experience as Director-Legal and General Counsel at Vena Energy, where he handled legal aspects of large-scale renewable developments. Singh's role ensures adherence to Indian energy regulations, including those from the . Vijay Kumar Wadhwani serves as Chief Compliance and Ethics Officer, appointed on February 27, 2023, with over 22 years of experience in , auditing, and . He previously worked as a Partner at S.N. Dhawan & Co LLP, focusing on advisory services for and sectors. At Azure Power, Wadhwani oversees programs, ethical standards, and to support sustainable growth. Recent leadership transitions include the appointment of Sunil Gupta as CEO in July 2023, following the departure of acting CEO Rupesh Agrawal, with interim oversight provided by the Chairman during the handover period. Additionally, the CFO role shifted from Sugata Sircar—who had joined in May 2023 with 32 years of finance experience from and other energy firms—to in September 2025, reflecting ongoing efforts to align executive expertise with strategic growth objectives.

Board of Directors

The Board of Directors of Azure Power Global Limited comprises non-executive directors, including a mix of directors and nominees from key shareholders such as CDPQ and , ensuring diverse expertise in , , and sectors. As of 2025, the board consists of eight members, all non-executive, with five directors providing objective oversight. Brijesh Mehra serves as Non-Executive Chairman, appointed on May 8, 2024, as the nominee of CDPQ; he brings over 35 years of experience in banking, including leadership roles at RBL Bank focused on sustainable business growth in emerging markets. Key independent directors include Richard Payette, appointed July 1, 2023, who acts as Lead Independent Director with deep expertise in energy finance and audit; he chairs the Audit and Risk Committee. Jean-François Boisvenu, an independent director since February 8, 2023, contributes corporate law proficiency as a partner at Eversheds Sutherland. Gowtamsingh (Vikash) Dabee, an independent director since March 30, 2023, is a chartered accountant and insolvency practitioner with over 25 years of experience, serving on governance committees. Muhammad Khalid Peyrye, an independent director since January 30, 2015, provides expertise in corporate secretarial services and law, with a background at AAA Global Services. Other non-executive directors include Philippe Wind, appointed October 31, 2023, as a CDPQ operating partner with experience in and investments. Julian Gratiaen serves as the nominee, appointed July 26, 2024, bringing legal and economic expertise in and . Pratibha Bajaj is a CDPQ nominee director, appointed October 23, 2024, with a background in from and MBA from ; she was appointed chairperson of the Investment & Capital Committee on May 27, 2025. The board operates through specialized committees, including the Audit and Risk Committee for financial oversight and compliance, the Nomination and Remuneration Committee for executive compensation and director appointments, the Investment and Capital Committee for strategic funding decisions, and the Sustainability and CSR Committee for environmental and social initiatives. These structures support robust governance in the renewable energy sector. Recent changes reflect ongoing evolution in leadership: M.S. Unnikrishnan was appointed Chairman in October 2023 but resigned in March 2024 amid strategic transitions. Subsequent appointments include in July 2024 and Pratibha Bajaj as CDPQ nominee in October 2024, alongside resignations such as that of Supriya Prakash Sen in September 2024. The board places strong emphasis on ESG compliance and enhancing stakeholder value, with committees like Sustainability and CSR integrating renewable sector priorities into decision-making to promote long-term sustainability and ethical practices.

Operations and Projects

Solar Power Portfolio

Azure Power's solar power portfolio consists of over 3 gigawatts (GW) of operational capacity, equivalent to 3,041 megawatts (MW), distributed across more than 20 utility-scale plants in 12 Indian states and one union territory. This portfolio supports India's renewable energy goals, with approximately 75% of the capacity located in high solar irradiation areas such as Rajasthan, Gujarat, and Maharashtra. The company's development pipeline includes about 1.1 GW of contracted and awarded projects, encompassing both utility-scale and rooftop installations that align with India's national target of 40 GW in rooftop solar capacity by 2026. Key flagship projects underscore Azure Power's scale in utility-scale solar development. The 600 MW solar park in , , represents one of India's largest single-site installations; it was fully commissioned in phases by January 2022 under a (PPA) with the (SECI). Another significant asset is the 300 MW project in Jodhpur, , which achieved financial closure and operational status prior to its refinancing in 2024. Additionally, a 950 MW portfolio in , comprising multiple interconnected solar assets, had plans initiated but paused in August 2025 amid strategic reviews. Azure Power's projects typically secure long-term PPAs with SECI for interstate transmission system-connected facilities or with state distribution companies (discoms) for intrastate sales, ensuring revenue stability over an average plant life of 25 years. Recent expansions include the commissioning of approximately 100 MW in 2023, contributing to incremental growth in operational capacity amid ongoing auctions. The development process for Azure Power's solar projects begins with participation in competitive reverse auctions conducted by SECI or state agencies, where bids are evaluated on tariff levels to award capacity. Following letter of award and PPA execution, the company handles site acquisition, , culminating in grid integration via substations and transmission lines for seamless power evacuation. Post-commissioning, operations and maintenance (O&M) teams ensure performance monitoring, with near real-time oversight to optimize output and comply with PPA terms. These projects often deploy standard photovoltaic technologies for reliable generation, as detailed in broader operational strategies.

Technological Approaches

Azure Power primarily employs utility-scale photovoltaic (PV) systems, utilizing monocrystalline and polycrystalline solar panels to generate electricity from sunlight. These systems convert into via the panels, which is then inverted to for grid integration, forming the backbone of the company's portfolio. Key innovations in Azure Power's operations include the adoption of bifacial solar modules, which capture sunlight on both sides to boost energy yield, and single-axis solar trackers that orient panels to follow the sun's path, achieving up to 25% higher energy generation compared to fixed-tilt systems. In select hybrid renewable energy projects, the company integrates solutions, such as battery systems, to store excess power and enable dispatchable supply, enhancing grid stability and reliability. For commercial and distributed generation, Azure Power deploys modular systems designed for rooftop and ground-mounted installations, supporting capacities up to 86.5 MW and aligned with India's regulations to allow excess energy export to . practices emphasize , including the use of Climate Bonds Initiative-certified green financing to fund technological upgrades in . In arid regions, implements low-water cleaning methods via robotic dry cleaning systems across 44% of its (1,330 MW), saving approximately 44.73 million liters of annually, alongside AI-driven dust mitigation strategies to maintain panel performance. R&D efforts focus on performance optimization through partnerships with technology providers and the deployment of AI-based monitoring via the Prescinto platform, which enables predictive maintenance, real-time analytics, and up to 10% improvements in asset uptime by forecasting faults and optimizing operations.

Financial Milestones

Initial Public Offering

Azure Power Global Limited, a British Virgin Islands-incorporated holding company for its Indian solar power operations, filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) on December 16, 2015, initially seeking to raise up to $100 million through an initial public offering (IPO) of equity shares. In October 2016, the company revised its IPO expectations downward to approximately $75 million amid market conditions, while announcing a concurrent private placement of equity shares also targeting $75 million. The IPO was priced on October 12, 2016, at $18 per share, below the anticipated range of $21 to $23, and the shares began trading on the New York Stock Exchange (NYSE) under the ticker symbol "AZRE." The offering consisted of 3,409,091 equity shares, including 2,242,424 shares offered by Azure Power and 1,166,667 shares from selling shareholders, with the underwriters—led by joint book-running managers and , and co-manager —granted a 30-day over-allotment option to purchase up to an additional 511,364 shares at the offering price, less discounts. The IPO and concurrent generated total gross proceeds of approximately $136 million, with the company receiving gross proceeds of approximately $40 million from its IPO shares and $75 million from the , for a total of about $115 million before expenses. The net proceeds from the IPO and —totaling approximately $110 million after discounts and expenses—were primarily allocated to developing new projects, supporting Azure Power's expansion and helping it achieve a total portfolio capacity exceeding by late 2017, including both operational and under-construction assets across multiple states. This capital infusion marked a significant , building on pre-IPO equity financings from investors like the to scale operations in India's growing market. The shares experienced a weak market debut, opening at $16.12 and closing at $14.60 on the first trading day of October 12, 2016, reflecting a roughly 19% decline from the issue price amid broader volatility in listings. Despite the subdued performance, the structure complied with U.S. SEC requirements under the and Indian regulatory norms, including (FDI) policies that permit up to 100% automatic FDI in the renewable energy sector, facilitated by the offshore holding company to enable foreign investor participation without direct ownership restrictions in Indian operations.

Green Bond Issuances and Refinancing

Azure Power has relied on to secure cost-effective debt financing for its expansion, with issuances certified by the Bonds Initiative to ensure alignment with project funding. In July 2017, the company issued its inaugural $500 million at a 5.5% , maturing in 2022, marking India's first green bond dedicated exclusively to projects. The proceeds were primarily used to refinance prior debt and support general corporate purposes, including investments in clean energy assets. This bond was listed on the and verified by the Bonds Initiative for its environmental integrity. Building on this, Azure Power issued a $350 million solar green bond in September 2019 at a 5.65% coupon, due in 2024, which was the second such instrument from the company and also certified by the Climate Bonds Initiative. The funds were allocated to refinance existing obligations and finance ten utility-scale solar projects commissioned between 2016 and 2019, enhancing the company's operational portfolio in . This bond, too, was listed on the , attracting investors focused on green financing mandates. In August 2021, Azure Power raised $414 million through another issuance at a 3.575% — the lowest ever for a high-yield company in —maturing in 2026. Certified by the Climate Bonds Initiative as the third solar by the group, the proceeds mainly refinanced the 2017 $500 million , achieving a cost of over 200 basis points while supporting ongoing solar development. Refinancing efforts in 2024 further strengthened Azure Power's by addressing near-term maturities and reducing overall . The company prepaid $310 million of the 2019 $350 million green bonds in October 2024, utilizing proceeds from a Rs. 24 billion term loan provided by ; an additional $40 million prepayment had been made in March 2024 using surplus cash flows. Complementing this, Azure Power secured a separate Rs. 13 billion from for its 300 MW Jodhpur solar project earlier in the year. These moves collectively enabled over $500 million in during fiscal 2025, lowering expenses and extending maturities for improved financial flexibility. In September 2025, upgraded the 2026 bond's rating to 'B+' from 'B' with a stable outlook, reflecting enhanced and successes.

Recent Developments

Key Events in 2024

In 2024, Azure Power experienced a significant leadership transition when M.S. Unnikrishnan resigned as Chairman of the Board and as a member of the , effective 13, 2024, citing personal reasons and a desire to pursue other interests. This followed his appointment to the role in 2023. In May 2024, the company appointed Brijesh , a banker with over 35 years of experience, as and Chairman of the Board for both Azure Power Global Limited and Azure Power Private Limited, effective May 8, 2024; was nominated by CDPQ Infrastructures Asia Pte Ltd., a major stakeholder. Operationally, Azure Power maintained an installed solar capacity of 3.04 throughout 2024, supporting its portfolio of utility-scale projects across . A key development included securing ₹13 billion (approximately $155 million) in from in August 2024 for its 300 MW project in , ; the debt was structured with a 21-year amortization period to optimize costs and align with long-term cash flows. Financially, Azure Power advanced its debt management strategy by announcing in September 2024 the early prepayment of $310 million in green bonds originally maturing in December 2024, funded through refinancing underwritten by . The transaction was completed in October 2024 with a ₹24 billion ($290 million) refinancing package involving and , reducing overall leverage and refinancing more than $500 million in debt during the ; this move extended maturities and lowered interest expenses, bolstering the company's amid expansion plans. The company's 2024 was held on September 25, 2024, at its Gurugram , where shareholders reviewed performance, governance matters, and strategic priorities. As 2024 concluded, Azure Power prepared its fourth-quarter financial report, emphasizing achievements in debt reduction—such as the recent bond prepayments—and progress on its project pipeline, including over 1 in awarded and contracted capacity to drive future growth.

Updates in 2025

In August 2025, Azure Power paused its search for a partner for its 950 MW solar portfolio in , despite receiving non-binding offers for up to 50% stake that valued the enterprise at approximately ₹4,100 . This decision reflected a strategic reevaluation amid stable operational conditions, with the company's remaining steady at around 3.04 . Concurrently, India's national installed surpassed 123 by August 2025, highlighting the sector's rapid growth. On September 5, 2025, Azure Power announced adjustments to its leadership team, including the appointment of as effective September 1, replacing Sugata Sircar, alongside other executive and board tweaks to strengthen . These changes built on the enabled by the company's 2024 efforts. A significant legal resolution came on September 9, 2025, when Azure Power reached a $23 million in a U.S. securities lawsuit alleging bribery related to an project, receiving final court approval and reinforcing the company's commitment to robust practices. Later that month, on September 10, upgraded Azure Power Energy Ltd.'s USD bond rating to 'B+' from 'B', citing improvements in and a stable outlook supported by consistent cash flows and operational performance. Azure Power held its 2025 annual shareholder meeting on September 30, covering key matters such as board elections and financial updates. The company has scheduled its next quarterly earnings report for December 14, 2025, to provide further insights into fiscal year performance.

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