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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 Global Limited (NYSE: AZRE) reported its fiscal Q3 2021 results, ending December 31, 2020. Operating megawatts increased by 10% to 1,987 MW, while operating revenues rose 15.6% to INR 3,521 million (US$ 48.2 million). However, a net loss of INR 1,088 million (US$ 14.9 million) was reported, influenced by stock appreciation rights expenses of INR 1,318 million (US$ 18.1 million). Adjusted EBITDA declined by 26% to INR 1,563 million (US$ 21.3 million). The impacts of adverse weather contributed to lower revenue projections, while cash flow to equity surged by 142% to INR 1,231 million (US$ 16.8 million).
Azure Power, a major solar power producer in India, will release its financial results for the fiscal third quarter ending December 31, 2020, on February 10, 2021. A conference call to discuss these results is scheduled for February 11, 2021, at 8:30 a.m. ET. Investors can join via a live webcast or by phone. Azure Power has a portfolio of 7.1 GW, with 1.8 GW operational and 1.3 GW under construction as of September 30, 2020. The company continues to manage the full development and operation of its projects, aiming to provide cost-effective solar energy solutions nationwide.
Azure Power has received a Letter of Award (LOA) for a 4 GW manufacturing linked tender but is facing delays in signing Power Purchase Agreements (PPAs). The Solar Energy Corporation of India (SECI) indicates insufficient responses from state electricity distribution companies (DISCOMs) to finalize Power Sale Agreements (PSAs), preventing PPA signing. Despite this, improved capital costs and interest rates could lead to lower tariffs, facilitating future PPAs. Azure Power reaffirms its commitment to contracts that add shareholder value.
Azure Power Global Limited (NYSE: AZRE) reported a consolidated net loss of INR 368 million (US$ 5.0 million) for Q2 FY2021, a reduction from INR 756 million in the same quarter last year. Operating revenues increased by 23% to INR 3,504 million (US$ 47.6 million), primarily due to new projects. Adjusted EBITDA rose 11% to INR 2,318 million (US$ 31.5 million). Operating megawatts increased by 2% to 1,834 MW. Despite these gains, the company's results were negatively impacted by increased stock appreciation rights expense of INR 492 million (US$ 6.7 million). Overall, the quarter indicated growth amid ongoing COVID-19 challenges.
Azure Power, a prominent solar power producer in India, will announce its fiscal second quarter financial results for the period ending September 30, 2020, after market close on November 10, 2020. A conference call is scheduled for November 11, 2020, at 8:30 a.m. ET to discuss these results. Investors can access the live webcast at this link. Azure Power's portfolio includes 7.1 gigawatts, with 1.8 GWs operational, 1.3 GWs under construction, and 4.0 GWs awaiting PPAs.
On October 5, 2020, Sanjeev Aggarwal, an early stage investor and Board member, resigned from Azure Power's Board of Directors. His departure was not due to any disagreements regarding the company's policies or practices. Azure Power, a leading solar power producer in India, currently has nine Board members, with a majority being independent. The Board expressed appreciation for Aggarwal's leadership and contributions, acknowledging his role in establishing Azure as a leader in renewable energy in India. As of June 30, 2020, Azure Power's portfolio stood at 7.1 gigawatts.
Azure Power (NYSE: AZRE) has appointed M.S. Unnikrishnan, former CEO of Thermax Ltd., to its Board of Directors as a nominee of Caisse de dépôt et placement du Québec. Unnikrishnan, with over 30 years in the energy sector, is expected to bring valuable insights to Azure Power’s strategy and growth. CDPQ, Azure's largest shareholder with 50.7% ownership, is a significant institutional investor in Canada. CEO Ranjit Gupta expressed enthusiasm for Unnikrishnan's appointment, citing his impactful leadership and commitment to sustainability.
Azure Power Global Limited (NYSE: AZRE) will hold its annual general meeting on September 28, 2020, at 3 p.m. in New Delhi. Key proposals include adopting the annual report for the fiscal year ending March 31, 2020, re-appointing Ernst & Young Associates LLP as auditor for the fiscal year ending March 31, 2021, and re-electing several directors. Shareholders on record as of September 1, 2020, are eligible to vote. The notice and annual report are available on Azure's website.
Azure Power Global Limited (NYSE: AZRE) reported its fiscal Q1 2021 results, ending June 30, 2020. Operating megawatts increased by 12% to 1,809 MW, while committed megawatts surged 112% to 7,115 MW. Revenue grew 16% to INR 3,940 million (US$ 52.2 million), but net profit fell to INR 46 million (US$ 0.6 million) due to a one-time debt refinancing charge of INR 264 million (US$ 3.5 million). Non-GAAP Adjusted EBITDA rose 29% to INR 3,298 million (US$ 43.7 million), reflecting stronger operational performance despite COVID-19 disruptions.
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