NEW DELHI, Dec. 12, 2019 /PRNewswire/ -- Azure Power (NYSE:
AZRE), a leading solar power producer in India, announced that Yung Oy Pin (Jane) Lun Leung, FCA, Senior
Executive at AAA Global Services Ltd, is replacing Eric Ng Yim On, Chief Executive Officer at AAA
Global Services Ltd, as a resident director on the Company's Board
of Directors. Two of the members of the Company's Board of
Directors are required to be residents of Mauritius under the terms of the Company's
Constitution.
Mrs. Lun Leung has extensive
experience as a professional in the financial services sector,
particularly in accounting, auditing, taxation, corporate
secretarial and administration, of the United Kingdom & Mauritius. Previously she has worked with
Ascough Ward Chartered Accountants, Kingston Marks Chartered
Certified Accountants and Deloitte & Touche across various
sectors including financing, trading, manufacturing, property,
construction, engineering & PPP projects, telecommunication,
mining, gaming & hospitality. She also sits on the board of
several global business companies. Mr. Eric
Ng's decision to resign was not the result of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.
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.
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SOURCE Azure Power