Azure Roof Power to Electrify Ministry of Health and Family Welfare Facilities Across 5 States

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NEW DELHI–(BUSINESS WIRE)–Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, announced that it has won a 1.3 MW solar rooftop project in an
auction conducted by NTPC Vidyut Vyapar Nigam (NVVN), a wholly owned
subsidiary of the National Thermal Power Corporation (NTPC). Azure Power
will provide power for 25 years to Ministry of Health and Family
Welfare, Government of India facilities in the states and union
territories of Delhi, Puducherry, Uttar Pradesh, West Bengal and Assam.
The power will be sold at a tariff range of INR 3.19 – 4.11 (~US$ 0.05-
0.06) per kWh based on location. In addition, Azure Power qualifies for
a capital incentive which is expected to result in a weighted average
levelized tariff of INR 5.29 (~US$0.08) per kWh.

Azure Roof Power offers superior rooftop solar power solutions
for commercial, industrial, government, and institutional customers in
cities across India to lower their energy bill and meet their greenhouse
gas (GHG) emission reduction targets. With over 150 MWs of high quality,
operating and committed solar assets across 20 states, Azure Roof Power
has one of the largest rooftop portfolios in the country. Azure Roof
Power has a well-diversified customer base with majority portfolio
contracted with Government of India backed entities. Azure Roof Power
customers include large commercial real estate companies, a leading
global chain of premium hotels, distribution companies in smart cities,
warehouses, Delhi Metro Rail Corporation, Indian Railways, a Delhi water
utility company and various Government of India Ministries.

Commenting on the occasion, Mr Inderpreet Wadhwa, Founder, Chairman
and Chief Executive Officer
, Azure Power said, “Azure Roof Power
offers tremendous value to our customers across various segments. We are
pleased to announce our latest win with NVVN to electrify Ministry of
Health and Family Welfare facilities across five states. With this win,
we have once again demonstrated our strong project development
capabilities and are delighted to make this contribution towards the
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
in India with a portfolio of over 1,300 MWs across 23 states/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 to rooftop, 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.

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