Azure Power Commissions 100 MW NTPC Solar Project in Telangana – Business Wire (press release)

NEW DELHI–()–Azure Power (NYSE: AZRE), one of India’s leading independent solar power
producers, announced the commissioning of a 100-megawatt (MW) solar
power plant in the state of Telangana. Spread across an area of
approximately 500 acres, the project has been setup under the
government’s National Solar Mission Phase-II, Batch-II Tranche-I. The
project was auctioned by NTPC, which has a AAA debt rating and is the
Government of India’s largest power utility. Azure Power will supply
power to NTPC for the next 25 years at a tariff of INR 4.67 (~USD 0.07)
per kWh.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power
said, “Telangana’s continued
reliance and faith in solar energy has successfully transformed it into
one of the largest solar power producing states in the country. We are
delighted to make a contribution towards the realization of our Hon’ble
Prime Minister’s commitment towards clean and green energy, through
solar power generation. Our sincere gratitude to NTPC and the state of
Telangana for all the cooperation and support extended.”

About Azure Power

Azure Power (NYSE: AZRE) is a leading independent solar power producer
in India with a portfolio of over 1,600 MWs across several states and
union territories. 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.

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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.

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