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Azure Power Global Limited
Company type	Public
Traded as	OTC Pink: AZREF
ISIN	MU0527S00004
Industry	Solar energy
Founded	2008; 16 years ago
Headquarters	New Delhi, Delhi, India
Area served	India
Key people	Sunil Gupta(CEO); R Narasimhan Iyer (COO) ; Sugata Sircar (Group CFO) ;
Revenue	₹12,958 million (US$171.9 million) (FY 2019-20)
Operating income	₹7,962 million (105.6 million) (FY 2019-20)
Number of employees	656 (2019)

Azure Power Global Limited is an independent power producer, a developer and an operator of utility and commercial scale solar PV power plants headquartered in New Delhi, India. The company was founded in 2008 by Inderpreet Wadhwa. The company sells energy to government utilities, and independent industrial and commercial customers in India.^[2] Azure Power developed India's first utility scale solar project in 2009 in Awan, Punjab.^[3] Azure Power has a total capacity of more than 7 GW.^[4]

History

The company was founded by Inderpreet Wadhwa in 2008.^[3] Azure Power’s 2 MW Punjab facility was the first utility-scale solar power plant in India in 2009. The project provides electricity to 32 villages 20,000 people in Awan, Punjab.^[3] Azure Power has raised capital from investors like Foundation Capital, Helion Ventures, IFC and German development bank DEG.^{[citation needed]} The company's largest shareholder is Caisse de dépôt et placement du Québec (also known as CDPQ), which owns over 50% of the shares outstanding.^[5] Azure Power has a total capacity of over 7.2 GW across.^[4]

People

Sunil Gupta:CEO^[6]
R Narasimhan Iyer: COO ^[7]
Sugata Sircar: Group CFO

Technology

In November 2011, Azure Power was awarded the US Department of Commerce’s Export Achievement Certificate, at SolarCon, Hyderabad.^[8] In August 2012, Hanwha Q Cells Co., the South Korean solar panel manufacturer, tied up with Azure Power to invest and build a Solar Plant in India to generate enough electricity to supply 18,000 homes.^[9] In 2014, Azure Power selected Accenture to implement an SAP enterprise resource planning (ERP) solution to support and drive growth in its solar generation business. As part of the agreement, Accenture provides implementation services in support of the SAP solution to Azure Power to help strengthen its business processes and improve planning, budgeting, forecasting, supply chain and revenue projections.^[10]

IPO

On 12 October 2016, Azure Power launched an initial public offering (IPO), the first time an Indian energy company had been listed on the New York Stock Exchange.^[11] Azure Power raised approximately US$161 million as part of its pre-IPO, initial public offering and concurrent private placement.^[12]

Green bond

In August 2017, Azure Power issued an inaugural green bond offering, maturing in 2022. The bond was certified by Climate Bonds Initiative as green bond and was the first solar green bond to be offered by a company with only solar power assets out of India. In 2019, the company issued a second green bond offering of USD$350.^{[citation needed]}