NEW DELHI, Aug. 21, 2020 /PRNewswire/ -- Azure Power (NYSE:
AZRE), a leading solar power producer in India, announced that
M.S Unnikrishnan, soon retiring-Managing Director and CEO
of Thermax Ltd., was appointed to Azure Power's Board of Directors
as a non-executive and nominee Director of Caisse de dépôt et
placement du Québec (CDPQ), which is a AAA debt rated, long-term
institutional investor that manages funds primarily for public and
parapublic pension and insurance plans in Canada with over CA$300 billion in assets
under management and is Azure Power's largest individual
shareholder with 50.7% ownership.
Mr. Unnikrishnan has over 30 years of experience in the energy
and environmental sector. In his most recent role as Managing
Director and CEO of Thermax Ltd., he led the implementation of a
strategy to accelerate Thermax's growth and position it as one of
the leading suppliers of power systems and equipment with a market
capitalisation of over US$1 billion.
Thermax Ltd has been recognized for having exemplary management,
strong corporate governance, excellent transparency and stringent
ethical practices. Mr. Unnikrishnan has received numerous accolades
for his leadership including Asia Innovator of the Year by CNBC
Asia, one of the best CEOs in India by Grant
Thorton, and India Innovator of the Year by CNBC India. Mr.
Unnikrishnan is also actively involved with various industry bodies
to help in policy making and technology development for
India. Mr. Unnikrishnan has a
Bachelor of Engineering (Mechanical) from Visveswaraiya National
Institute of Technology, Nagpur and Advanced Management Program
from Harvard Business School.
Speaking on the appointment, Ranjit
Gupta, Chief Executive Officer, Azure Power said, "We
are pleased to have Mr. Unnikrishnan join our Board. His
strong track record coupled with his experience managing and
leading one of the most admired companies in the power sector over
more than a decade will provide a valuable perspective as we
continue to execute our strategy, drive profitability and enhance
value for shareholders."
Commenting on the appointment, M.S. Unnikrishnan said
"Azure Power is a leading player in the Indian solar power sector.
I am glad to join the Board of an organization with such a strong
commitment to sustainability and governance. I look forward to
working with the other members of the Board to lead Azure Power
through the next phase of its growth journey."
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.
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