Azure Power Wins 160 MW Solar Power Project with the Highest Tariff in Uttar Pradesh Auction

Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, announced it has won a 160 MW solar power project in Uttar
Pradesh at the highest tariff in a recent auction conducted by the Uttar
Pradesh New & Renewable Energy Development Agency (UPNEDA). Azure Power
will sign a 25-year power purchase agreement with Uttar Pradesh Power
Corporation Limited (UPPCL) which has a domestic debt rating of A+ by
CRISIL, a S&P company, at a tariff of INR 3.55 (~US 5.2 cents) per kWh,
~45% higher than the lowest tariff bid for a solar project in India. The
project is expected to be commissioned in 2019 and developed outside a
solar park.

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Azure Power Solar Project (Photo: Business Wire)

With this win Azure Power’s solar portfolio will be 260 MWs in Uttar
Pradesh which is the most populous state in India and has a large peak
energy supply deficit, according to the Central Electricity Authority.
Azure Power is one the largest solar developers in Uttar Pradesh and
built the first utility scale solar project in Uttar Pradesh in 2015.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, “We are pleased to
announce our win in Uttar Pradesh, and with this we have once again
demonstrated our strong project development, engineering, and execution
capabilities. We are delighted to make this contribution towards
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
with a pan-Indian portfolio over 2 gigawatts. 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. 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 SEC from time to time. In the press release, megawatts portfolio
represents the aggregate megawatt capacity of solar power plants
pursuant to PPAs, signed or allotted or where the Company has been
cleared as one of the winning bidders or won reverse auction, but yet to
receive letter of allotment. 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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