NEW DELHI, Feb. 3, 2022 /PRNewswire/ -- Azure Power (NYSE:
AZRE), a leading sustainable energy solutions provider and IPP in
India, today published its third
annual sustainability report for fiscal year 2020-21 (FY 2020-21).
The report highlights several ways in which Azure Power is
delivering on its sustainability commitments.
"We are extremely proud of our performance against key
Environmental, Social and Governance indicators in the last fiscal.
Considering the global risk landscape and rising climate
challenges, we are committed to operating responsibly and
sustainably while delivering value to all stakeholders. We will
continue to develop high-performing renewable energy assets to
service our customers, provide enriching careers to a diverse
talent, strengthen the communities in which we live and work, and
ensure robust shareholder returns," says Ranjit Gupta, Managing Director and Chief
Executive Officer, Azure Power.
Key highlights from this year's report include:
Environmental
- Azure Power is rapidly progressing towards its ambition to
achieve water neutrality by 2023. In FY 2020-21, the company
recharged 28% of the water consumed by it through ground water
recharging structures. In addition, the company is actively
replacing the use of water with robotic dry cleaners to clean solar
panels across projects sites.
- In FY 2020-21, Azure Power generated 3369 GWh of renewable
energy and this resulted in the Indian grid displacing 3 million
tons of GHG emissions. The Voluntary Carbon Units issued to our
eligible projects are supporting other companies in their journey
towards a carbon neutral world.
- In FY 2020-21, the company retired 1578 CERs (Certified
Emission Reduction by United Nations) to offset its scope 1 and
scope 2 emissions and maintain its carbon neutral status.
- With a focus on building environmental capital around its
project sites, Azure Power has initiated a massive plantation drive
at its 600 MW project in Bikaner, Rajasthan and it is committed to
plant 50 trees per MW of project installed in the future.
- Azure Power has a robust recycle and reuse policy, under which
the company responsibly recycled over 600 tons (36000+ in numbers)
of broken or damaged solar modules, accumulated over the last 10
years of operation, in partnership with authorized recyclers. Going
forward, the company targets to recycle damaged modules annually
and prevent accumulation.
Social
- Azure Power has thus far helped more than 300,000 individuals
from marginalized communities gain access to better healthcare,
education, sanitation, hygiene, and employment.
- The company provides direct employment to over 2,500 members of
local communities through its contractors across its project sites
and has so far upskilled 3,500+ individuals as part of its skill
development programs, with a commitment to upskill 500
beneficiaries every year.
- The company has installed community level RO water purification
systems in 136 villages and schools across the country, helping
students, teachers and local villagers access clean drinking
water.
Governance
- Azure Power has a strong corporate governance framework and a
leadership that ensures the company is progressing sustainably. It
strictly follows international governance policies on corruption,
human rights, freedom of association, fair disclosure,
whistle-blower, and insider trading among others.
- The company is a signatory to the UN Global Compact and has
been contributing to the Carbon Disclosure Project (CDP).
- With a healthy gender diversity of 22% at the board and 25% at
the management team levels, Azure Power is creating opportunities
for diverse talent by adopting gender neutral, transparent and
merit driven hiring and compensation policies.
Third party assurance of the report was provided by TUV India
ensuring data accuracy as per international standards.
To read the full report, please navigate to:
https://www.azurepower.com/sustainability
About Azure Power
Azure Power is a leading independent sustainable energy
solutions provider, and power producer in India on a mission to create value for all
stakeholders through high-performance Renewable Energy assets to
displace 230 million tons of global emissions by 2030.
We developed India's first
utility scale solar project in 2009 and since then, Azure Power has
grown rapidly to become a leader in developing and operating
renewable energy projects in the country. We have substantially
reduced our total project cost, which includes a significant
reduction in balance of systems costs due in part to our value
engineering, design, and procurement efforts.
For more information about us, 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; curtailment; 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.
Investor Contact:
ir@azurepower.com
Media Contact:
pr@azurepower.com
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