NEW DELHI, March 31, 2020 /PRNewswire/ -- Azure Power Global
Limited (NYSE: AZRE), a leading solar power producer in
India, announced that Mr.
Harkanwal Singh Wadhwa, has resigned
from his position as member of the Board of Directors of Azure
Power and all its subsidiaries effective March 31, 2020. Mr. Wadhwa also resigned from his
position as Chief Operating Officer and will be discharged from all
his roles and responsibilities in the company effective
April 03, 2020. Mr. Murali Subramanian, President of the Company,
will take over as the new COO, effective April 04, 2020.
Mr. Wadhwa'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.
Commenting on Mr. Wadhwa's decision, Mr. Ranjit Gupta, Chief Executive Officer, Azure
Power, said, "Mr. Wadhwa has been with Azure Power since the
initial stages of the company and been instrumental in establishing
the company as the leader in Indian Solar industry. We want to
thank him for his leadership and contributions to the company and
wish him well in his future endeavours. At the same time, we
heartily congratulate Murali on his new position as the Chief
Operating Officer and look forward to his expanded operational
guidance and leadership."
Mr. Subramanian joined Azure Power in July 2019 as President and has been overlooking
project operations and Infra division for the company.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-India 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 since its inception in 2008. 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.
For more information:
Azure Power - Investor Contact:
Nathan Judge, CFA
ir@azurepower.com
Investor Relations
Azure Power
Azure Power - Media Contact:
Samitla Subba
pr@azurepower.com
+91-11-4940-9800
Policy and Communications
Azure Power
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SOURCE Azure Power