Azure Power Global Limited

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Azure Power Global
Type Private
Industry Renewable Energy
Founded 2008
Slogan Simplifying solar energy services for utility & commercial sites
Headquarters New Delhi, India
Key people Inderpreet Singh Wadhwa(CEO), Harkanwal Singh Wadhwa(COO & Director), Sandeep Chopra(Head of Strategy), Surendra Kumar Gupta(CFO)[1]
Investors Foundation Capital, Helion Venture Partners, Overseas Private Investment Corporation DEG, Proparco, IFC Global Infrastructure Fund, Export Import Bank [2][3][4][5][6]
Number of employees 200[7]

Azure Power Global Limited produces and distributes solar power. The company also offers solar installation services. It sells energy to government utilities, and independent industrial and commercial customers in India. Azure Power is an independent power producer, a developer and an operator of utility and commercial scale solar PV power plants. The company sells energy to government utilities, and independent industrial and commercial customers in India. Azure Power developed India's first utility scale solar project in 2009 in Awan, Punjab. The project provides electricity to 32 villages with over 20,000 people in Awan, Punjab. The company also installed India's first megawatt scale solar rooftop project in Gandhinagar, Gujarat which was awarded the top 10 Public Private Partnership, 2013 by International Finance Corporation[8].
Azure Power has a total capacity of over 1 GW in 15 states, which includes India's largest operational solar plant of 100 MW under India's National Solar Mission in Rajasthan. The company was founded by Inderpreet Wadhwa in 2007[9]. Inderpreet, who was then a successful software professional in Silicon Valley, foresaw the opportunity in Indian energy market as the country receives about 300 clear, sunny days in a year[10].


  • Azure Inc was established in July 2007 in the US and, in February 2008, Azure Power set shop in India.[11]
  • First buyer of Azure Power's project was Punjab State Electricity Board (PSEB), the project was funded by Overseas Private Investment Corporation (OPIC), an agency of the US Government that helps the US businesses invest overseas and promote economic development in new and emerging markets.[12]
  • Subsequent to the successful implementation of the first project, Azure was able to raise funds from Helion Venture Partners and Foundation Capital, IFC, a member of the Word Bank Group, and DEG (the German investment and development company) to fund its products.[13][14]
  • Azure Power, was awarded the US Department of Commerce’s Export Achievement Certificate, at SolarCon, Hyderabad. The award was presented by Mr. Francisco J. Sánchez, Under Secretary of Commerce for International Trade, US Department of Commerce, International Trade Administration.[15]
  • Azure Power, commissioned its 35MW plant in village Kathauti, Nagaur, Rajasthan with effect from 12th February 2013, weeks before the deadline.[16]
  • International Finance Corporation (IFC), the private-sector lending arm of the World Bank, will invest up to $111 million in Azure Power India Pvt Ltd (Azure) for its 130 MW solar power plant in Karnataka.[17]
  • Azure Power has tied up with DLF to set up solar projects on rooftops of the builder's properties, mainly in Gurgaon, where the first smart grid is coming up.[18]
  • Azure Power India Private Ltd raised $14.3 million from International Finance Corporation. The proposed fund raising will support company's proposed 40 MW solar photo voltaic (PV) plant in Rajasthan.[19]
  • Accenture was selected by Azure Power, to implement an SAP® enterprise resource planning (ERP) solution to support and drive growth in its solar generation business.[20]
  • Azure Power today said it has commissioned the first large scale solar power plant of 30 MW capacity in Durg, Chhattisgarh.[21]
  • Azure Power won a contract to build solar power plants of a total 100 MW capacity from state-run NTPC.[22]
  • Azure Power announced a long-term financing of $70.35 million by Export Import Bank of the United States for its solar power plant at Nagaur, Rajasthan.[23]
  • Solar projects bids in Uttar Pradesh went to Adani Power and Azure Power, both were allotted equal shares of 50 mw at the same price.[24][25]
  • Azure Power board appointed Diane Farrell as the Director.[26][27][28]
  • Azure Power, announced plans to develop India’s first megawatt (MW) scale rooftop project in the Gujarat capital. The company would set up a 2.5 MW plant at an investment of Rs. 25 crore, to be set up under the Gandhinagar Photovoltaic Rooftop Program (GPRP).[29]
  • Azure Power invested Rs 800 crore to set up solar power projects with capacity of 150 MW in Punjab's Fazilka and Bathinda districts.[30]
  • Azure Power in talks to sell stake to Brookfield to raise Rs 500 crore.[31]
  • Azure Power announced commissioning of solar power plants with a total capacity of 88 MW in three states across the country.[32]
  • Azure Power commissioned 10 MW rooftop solar power capacity in the Indian state of Punjab.[33]
  • Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) was in talks with solar-energy developer Azure Power to buy up to 35% stake in the company for about $180 million (Rs 1,200 crore).[34]
  • Azure Power Global Ltd’s plan to list on the New York Stock Exchange (NYSE) was reported to be reconsidered, suggesting the US IPO may be called off.[35][36]
  • Azure Power announced the pricing of its Initial Public Offering(IPO).[37][38]

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  • Azure Power debuts at a discount on NYSE - Shares of solar energy firm Azure Power debuted on the NYSE at $16.12, lower than the issue price of $18. [39]
  • Azure Power becomes 1st Indian solar company to trade on NYSE - It will also receive gross proceeds of $75 million from the sale of equity shares. [40]
  • Azure Power scales down IPO following USD-75m investment deal - The company has revised its filing and now intends to offer 2.45 million shares at that price range. [41]
  • India's Azure Power files amendment to Form F-1 for New York IPO - Indian solar power producer Azure Power Global Ltd this week filed an amendment to its Form F-1 registration statement regarding its planned roughly USD-100-million (EUR 87.8m) initial public offering (IPO) in New York. [42]
  • Azure Power in talks to sell stake to Brookfield to raise Rs 500 crore - Azure Power Global is in talks with Canadian asset manager Brookfield to raise as much as Rs 500 crore by selling a significant minority stake to fund the Delhibased clean energy firm's plans to expand its generation capacity. [43]

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