NEW DELHI, Aug. 13, 2020 /PRNewswire/ -- Azure Power
(NYSE: AZRE), a leading solar power producer in India, was ranked as the 10th best
renewable energy company, or in the top 16th percentile,
of all global renewable power producers for sustainability by
Sustainalytics. In addition, Azure Power ranked 21st, or
in the top 5%, of 469 global utilities covered by
Sustainalytics.
Sustainalytics' ESG Risk Ratings measure company-level
environmental, social, and governance (ESG) risk by combining the
concepts of management and exposure to arrive at an overall
quantitative rating which is expressed across a risk spectrum of
severe, high, medium, low or negligible. By providing an absolute
measure for assessing company ESG risk, Sustainalytics' Ratings are
comparable for companies in different industries.
Commenting on this, Mr. Ranjit
Gupta, Chief Executive Officer, Azure Power, said, "This
ranking underscores Azure Power's commitment to sustainability. We
look to further demonstrate our resolve to be the leader in the
Sustainability space by publishing a more comprehensive
Sustainability Report by the end of August, implementing new
policies on Freedom of Association, Human Rights and Diversity
& Inclusion, joining the Task Force on Climate Related
Financial Disclosure, becoming a UN Global Compact signatory, and
contributing to the Carbon Disclosure Project. At Azure, we are
constantly striving to improve our sustainability practices and
expect to realise even better ratings in the future."
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-India portfolio over 7 gigawatts. Azure
Power developed India's first private utility scale solar
project in 2009 and has been at the forefront in the sector as a
developer and operator of solar projects since its inception in
2008. With its in-house engineering, procurement and construction
expertise and advanced in-house operations and maintenance
capability, Azure Power manages the entire development and
operation process, providing low-cost solar power solutions to
customers throughout India. For more information, visit:
www.azurepower.com.
About Sustainalytics
Sustainalytics is a leading independent ESG and corporate
governance research, ratings and analytics firm that supports
investors around the world with the development and implementation
of responsible investment strategies. For more than 25 years, the
firm has been at the forefront of developing high-quality,
innovative solutions to meet the evolving needs of global
investors. Today, Sustainalytics works with hundreds of the world's
leading asset managers and pension funds who incorporate ESG and
corporate governance information and assessments into their
investment processes. Sustainalytics also works with hundreds of
companies and their financial intermediaries to help them consider
sustainability in policies, practices and capital projects. With 16
offices globally, Sustainalytics has more than 650 staff members,
including more than 200 analysts with varied multidisciplinary
expertise across more than 40 industry groups. For more
information, visit www.sustainalytics.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 issues related to the corona
virus; supply disruptions; power curtailments by Indian state
electricity authorities 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
Media Contact
Samitla Subba
pr@azurepower.com
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SOURCE Azure Power