Azure Power

Azure Power Global Limited is an independent power producer, a developer and an operator of utility and commercial scale solar PV power plants headquartered in New Delhi, India. The company was founded in 2008 by entrepreneur Inderpreet Wadhwa. The company sells energy to government utilities, and independent industrial and commercial customers in India.[2] Azure Power developed India's first utility scale solar project in 2009 in Awan, Punjab.[3] Azure Power has a total capacity of over 7 GW.[4]

Azure Power Global Limited
TypePublic
NYSE: AZRE
ISINMU0527S00004
IndustrySolar energy
Founded2008 (2008)
Headquarters
New Delhi, Delhi
,
India[1]
Area served
India
Key people
  • Ranjit Gupta (CEO)
  • Murali Subramanian (COO)
  • Pawan Kumar Agrawal (CFO)
Revenue₹12,958 million (US$171.9 million) (FY 2019-20)
₹7,962 million (105.6 million) (FY 2019-20)
Number of employees
656 (2019)

History

The company was founded by Inderpreet Wadhwa in 2008. Inderpreet, who was then a successful software professional in Silicon Valley, foresaw the opportunity in Indian energy market as the country receives about 300 clear, sunny days in a year.[3] Azure Power’s 2 MW Punjab facility was the first utility-scale solar power plant in India in 2009. The project provides electricity to 32 villages with over 20,000 people in Awan, Punjab.[3] Azure Power has raised capital from investors like Foundation Capital, Helion Ventures, IFC and German development bank DEG.[5] The company's largest shareholder is Caisse de dépôt et placement du Québec (also known as CDPQ), which owns over 50% of the shares outstanding.[6] Today, Azure Power has a total capacity of over 7 GW across, and is amongst the largest developers and operators of utility scale solar assets in India.[4] In 2020, Azure Power was awarded as being the Most Sustainable Company in the Solar Energy Industry as Part of World Finance Magazine's Sustainability Awards 2020. The company has also ranked as the 10th best renewable energy company, or in the top 16th percentile, of all global renewable power producers for sustainability by Sustainalytics. In addition, Azure Power ranked 21st, or in the top 5%, of 469 global utilities covered by Sustainalytics.[7]

People
  • Ranjit Gupta: CEO[8]
  • Murali Subramanian: COO [9]
  • Pawan Kumar Agrawal: CFO [7]
  • Arno Harris: Independent Director. Also, founder, CEO and former chairman of Recurrent Energy[10]
  • Barney S. Rush: Independent Director. Also, served on the board of ISO - New England[11]
  • Cyril Cabanes: Non-executive Director. Also, Vice-President, Head of Infrastructure Transactions, Asia-Pacific at Caisse de dépôt et placement du Québec (CDPQ)[12]
  • Deepak Malhotra: Non-executive Director. Also, Director Infrastructure, South Asia at Caisse de dépôt et placement du Québec (CDPQ) [13]
  • Supriya Prakash Sen: Independent Director. Also, Senior Advisor with Mckinsey & Co.[14]
  • M.S Unnikrishnan: Non-executive Director. Also served as Managing Director and CEO of Thermax Ltd [15]
  • Yung Oy Pin (Jane) Lun Leung: Independent Director,  Also sits on the board of several global business companies [16]
  • Muhammad Khalid Peyrye: Independent Director. Also, heads Corporate Secretarial and Administration cluster of AAA Global Services Ltd [16]

Technology

In November 2011, Azure Power was awarded the US Department of Commerce’s Export Achievement Certificate, at SolarCon, Hyderabad.[17] In August 2012, Hanwha Q Cells Co., the South Korean solar panel manufacturer, tied up with Azure Power to invest and build a Solar Plant in India to generate enough electricity to supply 18,000 homes.[18] In 2014, Azure Power selected Accenture to implement an SAP Enterprise Resource Planning (ERP) solution to support and drive growth in its solar generation business. As part of the agreement, Accenture provides implementation services in support of the SAP solution to Azure Power to help strengthen its business processes and improve planning, budgeting, forecasting, supply chain and revenue projections.[19]

IPO

On 12 October 2016, Azure Power launched an Initial Public Offering (IPO), enabling the first listing of Indian energy assets on the New York Stock Exchange. With this, Azure Power also became the first renewable energy company to IPO in the US since August 2015.[20] Azure Power tied-up approximately US$161 million as part of its pre-IPO, initial public offering and concurrent private placement.[21] The majority of the proceeds were used to continue development of solar power plants in India.[22]

Green Bond

In August 2017, Azure Power issued an inaugural green bond offering, maturing in 2022. The bond was certified by Climate Bonds Initiative as green bond and was the first solar green bond to be offered by a company with only solar power assets out of India. In 2019, the company issued a second green bond offering of USD$350.[23]

Commissioned projects

Below are Azure Power’s some of the commissioned projects:

2009
  • 2 MW commissioned in Awan, Punjab.[3]

2011
  • 10 MW Gujarat Solar Park commissioned in Khadoda, Gujarat[24]
  • 5 MW commissioned in Nagaur, Rajasthan[25]

2013
  • 35 MW commissioned in Nagaur, Rajasthan[26]

2014
  • 34 MW commissioned in Sri Muktsar Sahib, Punjab[27]

2015
  • 100 MW commissioned in Jodhpur, Rajasthan[28]
  • 30 MW commissioned in Durg, Chhattisgarh[29]
  • 10 MW commissioned in Chitragurga, Karnataka[30]
  • 10 MW commissioned in Mahoba, Uttar Pradesh[31]
  • 5 MW commissioned in Jaisalmer, Rajasthan[32]
  • 2 MW commissioned in Delhi[33]
  • 100 MW commissioned in Andhra Pradesh[33]

2016
  • 50 MW won in Uttar Pradesh[34]
  • 50 MW commissioned in Andhra Pradesh[35]
  • 10 MW commissioned in Bihar[33]
  • 28 MW commissioned in Punjab[35]
  • 10 MW commissioned in Karnataka[35]
  • 100 MW commissioned in Telangana[33]
  • 50 MW commissioned in Andhra Pradesh[33]
  • 150 MW commissioned in Punjab[36]

2017
  • 2 MW commissioned in Maharashtra[33]
  • 5 MW commissioned in Maharashtra[33]
  • 50 MW commissioned in Uttar Pradesh [37]
  • 130 MW commissioned in Karnataka [33]
  • 100 MW commissioned in Andhra Pradesh [33]

2018
  • 100 MW commissioned in Telangana [33]
  • 40 MW commissioned in Uttar Pradesh [33]
  • 50 MW commissioned in Andhra Pradesh [33]
  • 260 MW commissioned in Gujarat[38]

2019
  • 100 MW commissioned in Karnataka[39]
  • 200 MW commissioned in Rajasthan[40]

See also

References
  1. "Contact us". Azure Power.
  2. "Company Overview of Azure Power Global Limited", Bloomberg
  3. "Solar powers his passion for being a social entrepreneur", The Hindu, 24 June 2012
  4. "Azure Power wins 300 MW project to surpass 3 GW portfolio". pv magazine India.
  5. "Inderpreet Wadhwa: It was like driving a train even as the tracks were being laid", Forbes India, 13 June 2013
  6. "CDPQ's share in Azure Power rises to 50.9 per cent". Renewable Watch. 13 March 2020. Retrieved 6 October 2020.
  7. Power, Azure. "Azure Power Ranked Top 10 Global Renewable Energy Company for Sustainability by Sustainalytics". www.prnewswire.com. Retrieved 6 October 2020.
  8. "Ranjit Gupta, Azure Power Global Ltd: Profile and Biography - Bloomberg Markets". Bloomberg.com. Retrieved 28 February 2020.
  9. "Azure Power Appoints new CEO and President". saurenergy.com. Retrieved 28 February 2020.
  10. "Arno Harris joins Azure Power's Board of Directors", PV Tech, 17 May 2016
  11. Bloomberg.com https://www.bloomberg.com/research/stocks/private/person.asp?personId=526497&privcapId=50915695. Missing or empty |title= (help)
  12. "Appointment of Cyril Cabanes as a Director on Azure Power Global's Board". Retrieved 18 February 2017.
  13. "Appointment of Deepak Malhotra as a Director on Azure Power Global's Board". The Week. Retrieved 6 October 2020.
  14. Power, Azure. "Appointment of Deepak Malhotra as a Director on Azure Power Global's Board". www.prnewswire.com. Retrieved 6 October 2020.
  15. Newsdesk, HrNxt (22 August 2020). "Azure Power appoints MS Unnikrishnan to its Board of Directors". hrnxt.com. Retrieved 6 October 2020.
  16. "AZRE Company Profile & Executives - Azure Power Global Ltd. - Wall Street Journal". www.wsj.com. Retrieved 6 October 2020.
  17. "U.S. Commerce Department honors Azure Power with Export Achievement Award", Financial Chronicle, 15 November 2011
  18. "Hanwha to Work With Azure to Build Solar Plant in India", Bloomberg, 12 August 2015
  19. "Accenture to help Azure Power expand its solar generation business", Accenture, 24 April 2014
  20. "Azure Power makes a weak debut on New York Stock Exchange", The Economic Times, 28 October 2016
  21. "Azure Power ties up $470 million in funding", Live Mint, 8 November 2016
  22. "Azure Power to use NYSE listing proceeds for organic growth", Moneycontrol.com, 13 October 2016
  23. Power, Azure. "Azure Power: New US$350 Million Green Bond Issued". www.prnewswire.com. Retrieved 6 October 2020.
  24. "Country's largest 10 MW Solar Power Plant", The Economic Times 8 June 2011
  25. "Azure Power gets 7035M Loan from US Exim Bank", The Hindu
  26. "Azure Power starts operating 35 MW Rajasthan Solar Power Plant", Bloomberg
  27. "Sukhbir Majiithia inaugurates solar power plant worth Rs.350 crores", Hindustan Times
  28. "Azure Power commissions largest solar power plant under India’s NSM", India Infoline, Mumbai, 14 May 2015
  29. "Azure Power commissions 30 MW solar power plant in Durg, Chhattisgarh", The Economic Times, New Delhi, 31 August 2015
  30. "Solar Grid Report", Karnataka Renewable Energy Development Ltd.
  31. "Azure’s 10 MW solar plant inaugurated in UP", Project Today, 3 February 2015
  32. "Azure Power begins 5 MW Solar Plant in Jaisalmer", Business Standard
  33. "Fiscal First Quarter 2019 Ended June 30, 2018 : Earnings Presentation" (PDF). Investors.azurepower.com. Retrieved 26 December 2018.
  34. "Adani, Azure emerge as winners in 100-MW Indian solar tender", SeeNews Renewables, 27 January 2016
  35. "Azure Power starts solar projects of 88 MW across 3 states", The Economic Times, 5 May 2016
  36. "Azure Power Commissions Largest Solar Power Project (150MW) in North India - ET EnergyWorld". ETEnergyworld.com. Retrieved 25 January 2017.
  37. "Corporate Deck - July 2013" (PDF). Investors.azurepower.com. Retrieved 26 December 2018.
  38. "Azure Power announces commissioning of 95MW solar-power plant in Gujarat". varindia.com. Retrieved 21 September 2020.
  39. "Azure Power commissions various solar power projects". Renewable Watch. 29 March 2019. Retrieved 21 September 2020.
  40. "Azure Power Commissions 150 MW Solar Plant in Rajasthan". saurenergy.com. Retrieved 21 September 2020.
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