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Azure Power Global Limited (NYSE: AZRE) is a leading independent solar power producer driving India's renewable energy transition through utility-scale and rooftop projects. This page provides investors and stakeholders with timely updates on corporate developments, financial announcements, and operational milestones.
Access official press releases, project commissioning updates, and strategic partnership announcements in one centralized location. Our news collection covers earnings reports, regulatory filings, technology innovations, and sustainability initiatives directly from the company.
Key updates include solar capacity expansions, power purchase agreements, operational performance metrics, and leadership developments. Content is organized chronologically to help track the company's progress in India's growing renewable energy sector.
Bookmark this page for streamlined access to Azure Power's latest announcements. Check regularly for updates on new project commissions, financial disclosures, and strategic moves shaping India's solar energy landscape.
Azure Power (NYSE: AZRE) has fully commissioned its 300 MWs Interstate Transmission System solar power project, Rajasthan 8, located in Bhadla, Rajasthan. The project, awarded by the Solar Energy Corporation of India (SECI), will supply power at a tariff of INR 2.58 (approximately US $0.037) per kWh for 25 years. This expansion brings Azure Power’s operational capacity to 2,683 MWs of renewable energy in India. The company has successfully operationalized nearly 700 MWs this fiscal year, demonstrating strong project development capabilities despite recent challenges.
Azure Power (NYSE: AZRE) has announced changes to its Board of Directors, effective March 1, 2022. Christine McNamara joins as an Independent non-executive Director, bringing over 25 years of experience in the energy sector, including roles at PowerGen Plc and BG Group Plc. She will chair the Audit Committee. Arno Harris, who has served nearly six years, is stepping down due to other commitments but leaves with confidence in the company's future as a leader in India's energy sector.
Azure Power Global Limited (NYSE: AZRE) reported its consolidated fiscal Q3 results for 2022, ending December 31, 2021. Operating megawatts (MWs) reached 2,523, marking a 37% increase year-over-year. Total operating revenues were INR 4,480 million (US$ 60.2 million), a 27% rise from the previous year. The net loss decreased to INR 610 million (US$ 8.2 million), down from INR 1,088 million in Q3 2021. Adjusted EBITDA surged 152% to INR 3,935 million (US$ 52.9 million). Cash flow to equity increased by 58% to INR 1,941 million (US$ 26.1 million).
Azure Power (NYSE: AZRE) is set to release its financial results for the third quarter of fiscal 2022, which ended on December 31, 2021, after market closure on February 25, 2022. A conference call to discuss these results will take place on February 28, 2022, at 8:30 a.m. Eastern Time. Investors can pre-register for the call or join via dial-in options provided. Azure Power aims to lead in sustainable energy in India, with a mission to eliminate 230 million tons of emissions by 2030 and plans for enhanced financing and operational strategy.
Azure Power (NYSE: AZRE) announced successful refinancing of its INR 23.50 billion (approx. USD 313 million) project finance facility for its 600 MWs ISTS-connected solar project, fully commissioned in December 2021. The refinancing, with a fixed interest rate of 7.2% for 42 months, is the lowest rate for any project finance facility in its portfolio. CFO Pawan Kumar Agrawal highlighted substantial savings in interest costs and improved project IRR. This project, located in Bikaner, Rajasthan, is India's largest solar power project owned by a single developer.
Azure Power Global Limited announced the results of its rights offering, revealing that 78.4% of the offered rights were exercised by January 24, resulting in 12,404,282 new equity shares subscribed. The remaining 3,424,635 shares will be acquired by CDPQ Infrastructures Asia and OMERS Infrastructure under a Backstop Commitment Agreement. Overall, the offering raised gross proceeds of $249,938,599. Shareholders participating in the offering will see their shares issued on or about January 28, 2022.
Azure Power Global Limited (NYSE: AZRE) has successfully closed its rights offering, expecting to raise $249,938,599 with backing from shareholders CDPQ Infrastructures Asia and OMERS Infrastructure Asia Holdings. The offering closed at 5pm ET on January 24, 2022, with final results anticipated to be announced on January 26, 2022. Investors can expect their shares to be issued in book-entry form by January 28, 2022.
Azure Power Global Limited (NYSE: AZRE) has launched a rights offering aiming to raise up to $249,938,599. Each shareholder will receive one non-transferable subscription right for each equity share held as of January 6, 2022. The offering will remain open until January 24, 2022, unless extended. This rights issue aims to enhance the company’s financial resources and sustain its growth in the renewable energy sector in India.
On January 3, 2022, Azure Power (NYSE: AZRE) announced the commissioning of its 600 MW Interstate Transmission System (ISTS) connected solar project in Bikaner, Rajasthan. This project, allocated by the Solar Energy Corporation of India (SECI), is the largest single-site solar power project in India, generating electricity at a tariff of INR 2.53 (approximately US 3.5 cents) per kWh for 25 years. The last 100 MW of the project was commissioned this month, adding to Azure Power's total of 2510 MW of operational solar assets across the country.
