Alan Rosling,
Non-Executive Chairman of the Board of Directors, to Oversee
Company until a new CEO Appointment is Announced
EBENE, Mauritius, April 26,
2022 /PRNewswire/ -- Azure Power Global Limited
(NYSE: AZRE) ("Azure" or "the Company"), a leading independent
sustainable energy solutions provider and power producer in
India, today announced that its
Board of Directors have accepted the resignations of Ranjit Gupta, Chief Executive Officer (CEO), and
Murali Subramanian, Chief Operating
Officer (COO). Both will relinquish their roles with the Company
and its subsidiaries, and Mr Gupta will resign from the Board of
Directors ("the Board") with immediate effect in order to pursue
other opportunities.
Alan Rosling, Chairman of the
Board of Azure, will oversee the Company in the interim. The Board
has already embarked on a search process to select a new CEO who
will lead the Company into its next phase of growth and the
announcement of the appointment will be made as early as
possible.
Mr. Rosling stated, "I would like to thank both Ranjit and
Murali for their service and their efforts to navigate a
challenging market environment. We wish them well for the next
stage in their careers. As we look ahead, with 4.5 GW of pipeline,
we have tremendous runway for growth in the next three to four
years. I look forward to working with the executive leadership
team, our employees, and the other members of the Board in
strengthening Azure's position as a leader in the renewable energy
space."
Mr Gupta said, "Murali and I have been privileged to have had
the opportunity to steer this great Company at a challenging time
and lay the path forward. We leave the Company with a great team
and are confident in its future."
Azure builds and operates some of the largest grid-scale
renewable power projects in India,
supplying renewable power to government utilities, and independent
industrial & commercial customers. The Company has a
pan-India portfolio of over 7.4
GWs, with over 2.9 GWs of operational capacity and 4.5 GWs of
pipeline.
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. 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; 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
ir@azurepower.com
Media Contact
pr@azurepower.com
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SOURCE Azure Power