NEW DELHI, Nov. 12, 2019 /PRNewswire/ -- Azure Power (NYSE:
AZRE), a leading solar power producer in India, announced that Deepak Malhotra, Director, Infrastructure,
South Asia at Caisse de dépôt et
placement du Québec (CDPQ), was appointed to its Board of
Directors, taking CDPQ's total number of board seats to two. CDPQ,
a long-term institutional investor that manages funds primarily for
public and parapublic pension and insurance plans, with
CA$326.7 billion in net assets, is Azure Power's largest
individual shareholder and holds an equity position of more than
41%.
Deepak Malhotra has over 18 years
of experience across all facets of infrastructure. Before joining
CDPQ in 2018, Mr. Malhotra worked with International Finance
Corporation (IFC), World Bank Group, where he led many debt and
equity investments in the infrastructure sector. Prior to IFC, Mr.
Malhotra worked with one of the leading credit rating agencies in
India and in the Merchant
Navy.
Speaking on this occasion, Ranjit
Gupta, Chief Executive Officer, Azure Power said,
"We are pleased to welcome Deepak
Malhotra as a Director on our board. The addition of Deepak
will provide a valuable perspective as we continue to execute our
strategy, drive profitability and enhance value for shareholders.
We are honoured to have CDPQ's trust in Azure Power and to see
their commitment to the solar sector in India."
Commenting on Mr. Malhotra's appointment, Emmanuel Jaclot,
Executive Vice-President and Head of Infrastructure at CDPQ
said, "We are pleased to have Deepak as an additional
representative on the Board of Azure Power, a leading solar company
in India. We are confident in the
solar industry's long-term outlook and look forward to working
with the Azure's leadership team to capitalize on growth
opportunities."
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-Indian portfolio. With its in-house
engineering, procurement and construction expertise and advanced
inhouse 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.
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.
Investor Contact
Nathan
Judge
CFA
ir@azurepower.com
Investor Relations
Azure Power
Media Contact
Samitla Subba
pr@azurepower.com
+91-11-4940-9854
Marketing
Azure Power
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SOURCE Azure Power