NEW DELHI, Oct. 15, 2020 /PRNewswire/ -- Azure Power (NYSE:
AZRE), a leading solar power producer in India, published its Sustainability Report for
2019-20.
Speaking on this occasion, Ranjit
Gupta, Chief Executive Officer, Azure Power said "We are
pleased to release our second sustainability update in less than a
year. At Azure, we are committed to evaluating our progress towards
sustainability by not only continuing our focus on climate-related
opportunities and risks but also evaluating and implementing best
practices in social and governance aspects as well. Sustainability
is the core of our value proposition and the essence of our
business; so much that we go beyond our business objectives at
times to choose the green, safe and sustainable pathway. Such
decisions have paid off for us and they make better economic sense
over the long-term."
Highlights from this FY'19 – 20 report include:
Environmental
- Azure Power remains a net carbon neutral company and since
inception, the company has helped avoid the release of 7.8 million
tonnes of CO2 equivalents into the environment.
- The company has expanded its environmental impact reporting to
include scope 3 emissions and has increased its supplier engagement
to effect cultural change by rewarding and penalizing suppliers to
encourage the reduction of emissions.
- In FY'20, the company has achieved an additional 40% saving in
water consumption per unit of electricity generated and is on track
to becoming water neutral by 2023.
Social
- Azure Power believes that employee diversity across gender and
age are important to facilitate sustainable, profitable and
responsible growth. The company strives to maintain a 1:1 ratio of
wage for males and females.
- In FY'20, the company invested 16,040 man-hours of training in
its workforce and offered skill development training to over 1,240
individuals in local villages.
- In FY'20, the company allocated INR 36 million for Corporate
Social Responsibility and installed 21 smart classrooms and over
400 streetlights for communities as part of its CSR
activities.
- Over the last decade, Azure Power created over 18,000 job
opportunities in the rural sector. In FY'20, the company hired a
total of 3,462 workers from local communities, out of which 2,375
local workers were employed as module cleaning and grass cutting
staff and a further 1,087 local workers were employed as security
guards.
- Azure Power is an Equal opportunity employer that expressly
forbids any discrimination against any employee or job applicant
because of race, color, religion, national origin, sex, sexual
orientation including LBGTQ, physical or mental disability, or
age.
Governance
- All Azure Power projects comply with the World Bank's Equator
Principles and, in addition, the company conducted a total of 341
internal and 3 external audits in fiscal year 2020 with no
significant incidents of non-compliance.
- In FY'20, the company enhanced its Health and Safety Policy,
Environment Social and Governance Policy and implemented a
Diversity and Inclusion Policy.
- The company is in compliance with SEC, NYSE, SGX governance
standards and strictly follows international governance policies on
corruption, human rights, freedom of association, fair disclosure,
whistle-blower and insider trading among others.
- The company's Sustainability and CSR initiatives are overseen
at the Board level.
- Two of nine of the Company's Board members are female which
have been added in the last year.
To read the full report, go
to https://www.azurepower.com/sustainability.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-India
portfolio of 7.1 gigawatts on June 30,
2020 of which 1.8 GWs is operational, 1.3 GWs are under
construction and 4.0 GWs have received a Letter of Award but for
which PPAs have yet to be signed.. 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