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.[3] Azure Power developed India's first utility scale solar project in 2009 in Awan, Punjab.[4] The company also installed India's first megawatt scale solar rooftop project in Gandhinagar, Gujarat which was awarded the top 10 Public Private Partnership, 2013 by International Finance Corporation.[5] Azure Power has a total capacity of over 5 GW[6] in 24 states.

Azure Power Global Limited
Public
Traded asNYSE: AZRE
ISINMU0527S00004
IndustrySolar energy
Founded2008 (2008)
FounderInderpreet Wadhwa
Headquarters3rd Floor, Asset 301-304, WorldMark 3, Aerocity,
New Delhi, Delhi
,
India[1]
Area served
India
Key people
  • Ranjit Gupta (CEO)
  • Murali Subramanian (President)
Number of employees
539[2] (2018)
Websitewww.azurepower.com 

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.[4] 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.[4] Azure Power also successfully commissioned India’s first MW scale rooftop solar power Project in Gandhinagar, Gujarat in 2013.[7] In 2015, Azure commissioned a 100 MW solar plant in Rajasthan. This is the first of its kind large capacity solar power project with 60 MW executed exclusively with Indian technology and manufacturing making it the largest ‘make in India’ solar plant. Azure Power raised capital from investors like Foundation Capital, Helion Ventures, IFC and German development bank DEG.[8] Today, Azure Power has a total capacity of over 5 GW across 24 states, and is amongst the largest developers and operators of utility scale solar assets in India.[6] The company has been expanding at a CAGR of 135% since May 2012.[9]

People
  • Ranjit Gupta: CEO [10]
  • Murali Subramanian: President [11]
  • HS Wadhwa: Director[12]
  • Sanjeev Aggarwal: Director. Also, co-founder Helion Ventures, ex CEO and co-founder IBM Daksh Business Process Services Pvt. Ltd[13][14]
  • Arno Harris: Director. Also, founder, CEO and former chairman of Recurrent Energy[15]
  • Barney S. Rush: Director. Also, served on the board of ISO - New England[16]
  • Cyril Cabanes: Director. Also, Vice-President, Head of Infrastructure Transactions, Asia-Pacific at Caisse de dépôt et placement du Québec (CDPQ)[17]

Technology

In November 2011, Azure Power was awarded the US Department of Commerce’s Export Achievement Certificate, at SolarCon, Hyderabad.[18] 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.[19] 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.[20]

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.[21] Azure Power tied-up approximately US$161 million as part of its pre-IPO, initial public offering and concurrent private placement.[22] The majority of the proceeds were used to continue development of solar power plants in India.[23]

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.

Commissioned projects

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

2009
  • 2 MW commissioned in Awan, Punjab.[4]

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]
  • 2.5 MW rooftop project commissioned in Gandhinagar, Gujarat[7]

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 rooftop commissioned in Delhi[33]
  • 1 MW rooftop commissioned in Punjab[34]
  • 100 MW commissioned in Andhra Pradesh[33]

2016
  • 50 MW won in Uttar Pradesh[35]
  • 50 MW commissioned in Andhra Pradesh[36]
  • 10 MW commissioned in Bihar[33]
  • 28 MW commissioned in Punjab[36]
  • 10 MW commissioned in Karnataka[36]
  • 100 MW commissioned in Telangana[33]
  • 50 MW commissioned in Andhra Pradesh[33]
  • 10 MW rooftop commissioned in Punjab[37]
  • 150 MW commissioned in Punjab[38]

2017
  • 2 MW commissioned in Maharashtra[33]
  • 5 MW commissioned in Maharashtra[33]
  • 40 MW commissioned in Uttar Pradesh[33]
  • 50 MW commissioned in Uttar Pradesh [39]
  • 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]
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See also

References
  1. "Contact us". Azure Power.
  2. "Azure Power Global Limited - Employee count". www.bloomberg.com.
  3. "Company Overview of Azure Power Global Limited", Bloomberg
  4. "Solar powers his passion for being a social entrepreneur", The Hindu, 24 June 2012
  5. "Azure Power Board Appoints Diane Farrell as the Director", Press Trust of India, 15 January 2015
  6. "Azure Power wins 300 MW project to surpass 3 GW portfolio". pv magazine India.
  7. "Azure Power to set up rooftop solar power project in Gujarat", The Hindu, 21 April 2012
  8. "Inderpreet Wadhwa: It was like driving a train even as the tracks were being laid", Forbes India, 13 June 2013
  9. "Azure Power - A Good Way To Play The Secular Growth Of The India Solar Market", Seeking Alpha, 22 December 2015
  10. "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 28 February 2020.
  11. "Azure Power Appoints new CEO and President". www.saurenergy.com. Retrieved 28 February 2020.
  12. "Sukhbir, Majithia inaugurate solar power plant worth Rs 350 crore", Hindustan Times, 1 November 2014
  13. "Azure Power announces Series B Investment", Business Standard
  14. "Sanjeev Aggarwal", Bloomberg
  15. "Arno Harris joins Azure Power's Board of Directors", PV Tech, 17 May 2016
  16. "Bloomberg - Are you a robot?". Bloomberg.com.
  17. "Appointment of Cyril Cabanes as a Director on Azure Power Global's Board". Retrieved 18 February 2017.
  18. "U.S. Commerce Department honors Azure Power with Export Achievement Award", Financial Chronicle, 15 November 2011
  19. "Hanwha to Work With Azure to Build Solar Plant in India", Bloomberg, 12 August 2015
  20. "Accenture to help Azure Power expand its solar generation business", Accenture, 24 April 2014
  21. "Azure Power makes a weak debut on New York Stock Exchange", The Economic Times, 28 October 2016
  22. "Azure Power ties up $470 million in funding", Live Mint, 8 November 2016
  23. "Azure Power to use NYSE listing proceeds for organic growth", Moneycontrol.com, 13 October 2016
  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. "Status of subsidies to Benificiaries under SECI's Grid Connected Rooftop SPV Scheme of 32.5 MWp capacity" Archived 5 March 2016 at the Wayback Machine, Solar Energy Corporation of India (SECI)
  35. "Adani, Azure emerge as winners in 100-MW Indian solar tender", SeeNews Renewables, 27 January 2016
  36. "Azure Power starts solar projects of 88 MW across 3 states", The Economic Times, 5 May 2016
  37. "Mohali gets country’s second largest rooftop solar power plant", Tribune India, 28 July 2016
  38. "Azure Power Commissions Largest Solar Power Project (150MW) in North India - ET EnergyWorld". ETEnergyworld.com. Retrieved 25 January 2017.
  39. "Corporate Deck - July 2013" (PDF). Investors.azurepower.com. Retrieved 26 December 2018.
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