Azure Power

Azure Power
Public
Traded as NYSE: AZRE
ISIN MU0527S00004
Industry Solar energy
Founded 2008 (2008)
Founder Inderpreet Wadhwa
Headquarters

3rd Floor, Asset 301-304,

WorldMark 3, Aerocity, New Delhi, Delhi, India[1]
Area served
 India
Key people
  • Inderpreet Wadhwa (CEO)
  • H.S. Wadhwa (COO)
Number of employees
 360[2] (2015)
Website www.azurepower.com Edit this on Wikidata

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 entrepreneur Inderpreet Wadhwa. The company sells energy to government utilities, and independent industrial and commercial customers in India.[3] Azure Power developed India's first utility scale solar project in 2009 in Awan, Punjab.[4] 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.[5] Azure Power has a total capacity of over 1 GW[6] in 18 states.

History

The company was founded by Inderpreet Wadhwa in 2008. 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.[4] 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 with over 20,000 people in Awan, Punjab.[4] Azure Power also successfully commissioned India’s first MW scale rooftop solar power Project in Gandhinagar, Gujarat in 2013.[7] In 2015, Azure commissioned a 100 MW solar plant in Rajasthan. This is the first of its kind large capacity solar power project with 60 MW executed exclusively with Indian technology and manufacturing making it the largest ‘make in India’ solar plant. Azure Power raised capital from investors like Foundation Capital, Helion Ventures, IFC and German development bank DEG.[8] Today, Azure Power has a production capacity of over 1 GW across 15 states, and is amongst the largest developers and operators of utility scale solar assets in India.[6] The company has been expanding at a CAGR of 135% since May 2012.[9] Azure power on January 10 won a project of 200 MWs to supply power in a SECI auction.[10]

People

  • Inderpreet Wadhwa: CEO since he founded the company in 2008[11][12]
  • HS Wadhwa: Chairman[13]
  • Robert Kelly: Director. Also, ex-Chief Financial Officer of SolarCity Corporation[14]
  • Sanjeev Aggarwal: Director. Also, co-founder Helion Ventures, ex CEO and co-founder IBM Daksh Business Process Services Pvt. Ltd[15][16]
  • Arno Harris: Director. Also, founder, CEO and former chairman of Recurrent Energy[17]
  • Barney S. Rush: Director. Also, served on the board of ISO - New England[18]
  • Cyril Cabanes: Director. Also, Vice-President, Head of Infrastructure Transactions, Asia-Pacific at Caisse de dépôt et placement du Québec (CDPQ)[19]

Technology

In November 2011, Azure Power was awarded the US Department of Commerce’s Export Achievement Certificate, at SolarCon, Hyderabad.[20] 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.[21] 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.[22]

IPO

On October 12, 2016, Azure Power launched an Initial Public Offering (IPO), enabling the first listing of Indian energy assets on the New York Stock Exchange. With this, Azure Power also became the first renewable energy company to IPO in the US since August 2015.[23] Azure Power tied-up approximately US$161 million as part of its pre-IPO, initial public offering and concurrent private placement.[24] The majority of the proceeds were used to continue development of solar power plants in India.[25]

Commissioned and committed projects

Below are Azure Power’s some of the Commissioned and committed projects:

2009

  • 2 MW commissioned in Awan, Punjab.[4]

2011

  • 10 MW Gujarat Solar Park commissioned in Khadoda, Gujarat[26]
  • 5 MW commissioned in Nagaur, Rajasthan[27]

2013

  • 35 MW commissioned in Nagaur, Rajasthan[28]
  • 2.5 MW rooftop project commissioned in Gandhinagar, Gujarat[7]

2014

  • 34 MW commissioned in Sri Muktsar Sahib, Punjab[29]
  • 130 MW won in Karnataka[30]

2015

  • 100 MW commissioned in Jodhpur, Rajasthan[31]
  • 30 MW commissioned in Durg, Chhattisgarh[32]
  • 10 MW commissioned in Chitragurga, Karnataka[33]
  • 10 MW commissioned in Mahoba, Uttar Pradesh[34]
  • 5 MW commissioned in Jaisalmer, Rajasthan[35]
  • 56 KW rooftop commissioned in Delhi[36]
  • 1 MW rooftop commissioned in Punjab[37]
  • 10 MW won in Bihar[38]
  • 100 MW won in Andhra Pradesh[39]
  • 2 MW won in Maharashtra[40]
  • 5 MW won in Maharashtra[41]

2016

  • 50 MW won in Uttar Pradesh[42]
  • 50 MW commissioned in Andhra Pradesh[43]
  • 28 MW commissioned in Punjab[43]
  • 10 MW commissioned in Karnataka[43]
  • 100 MW won in Telangana[44]
  • 50 MW won in Andhra Pradesh[45]
  • 40 MW won in Uttar Pradesh[46]
  • 10 MW commissioned in Punjab[47]
  • 150 MW commissioned in Punjab[48]

See also

References

  1. ↑ http://www.azurepower.com/contact-us/
  2. ↑ https://www.nyse.com/quote/XNYS:AZRE/company
  3. ↑ "Company Overview of Azure Power Global Limited", Bloomberg
  4. 1 2 3 4 "Solar powers his passion for being a social entrepreneur", The Hindu, 24 June 2012
  5. ↑ "Azure Power Board Appoints Diane Farrell as the Director", Press Trust of India, 15 January 2015
  6. 1 2 "Punjab’s Largest Solar Developer Commissions 10 MW Solar Power Capacity Across Eight Locations In The Indian State", Taiyang News, 28 July 2016
  7. 1 2 "Azure Power to set up rooftop solar power project in Gujarat", The Hindu, 21 April 2012
  8. ↑ "Inderpreet Wadhwa: It was like driving a train even as the tracks were being laid", Forbes India, 13 June 2013
  9. ↑ "Azure Power - A Good Way To Play The Secular Growth Of The India Solar Market", Seeking Alpha, 22 December 2015
  10. ↑ http://www.thehindubusinessline.com/business-wire/azure-power-wins-200-mws-in-seci-auction/article10022216.ece
  11. ↑ "Azure Power announces Series B Investment", Business Standard, 22 March 2010
  12. ↑ "It Always Works Out in the End!", Business Today, 16 September 2012
  13. ↑ "Sukhbir, Majithia inaugurate solar power plant worth Rs 350 crore", Hindustan Times, 1 November 2014
  14. ↑ "Robert Kelly Joins Azure Power Board as a Director", Power Today
  15. ↑ "Azure Power announces Series B Investment", Business Standard
  16. ↑ "Sanjeev Aggarwal", Bloomberg
  17. ↑ "Arno Harris joins Azure Power's Board of Directors", PV Tech, 17 May 2016
  18. ↑ "Executive Profile Barney S. Rush", Bloomberg
  19. ↑ "Appointment of Cyril Cabanes as a Director on Azure Power Global's Board". Retrieved 2017-02-18.
  20. ↑ "U.S. Commerce Department honors Azure Power with Export Achievement Award", Financial Chronicle, 15 November 2011
  21. ↑ "Hanwha to Work With Azure to Build Solar Plant in India", Bloomberg, 12 August 2015
  22. ↑ "Accenture to help Azure Power expand its solar generation business", Accenture, 24 April 2014
  23. ↑ "Azure Power makes a weak debut on New York Stock Exchange", The Economic Times, 28 October 2016
  24. ↑ "Azure Power ties up $470 million in funding", Live Mint, 8 November 2016
  25. ↑ "Azure Power to use NYSE listing proceeds for organic growth", Moneycontrol.com, 13 October 2016
  26. ↑ "Country's largest 10 MW Solar Power Plant", The Economic Times 8 June 2011
  27. ↑ "Azure Power gets 7035M Loan from US Exim Bank", The Hindu
  28. ↑ "Azure Power starts operating 35 MW Rajasthan Solar Power Plant", Bloomberg
  29. ↑ "Sukhbir Majiithia inaugurates solar power plant worth Rs.350 crores", Hindustan Times
  30. ↑ "Grid Connected Solar Power Projects-Status", Karnataka Renewable Energy Development Ltd., 22 November 2014
  31. ↑ "Azure Power commissions largest solar power plant under India’s NSM", India Infoline, Mumbai, 14 May 2015
  32. ↑ "Azure Power commissions 30 MW solar power plant in Durg, Chhattisgarh", The Economic Times, New Delhi, 31 August 2015
  33. ↑ "Solar Grid Report", Karnataka Renewable Energy Development Ltd.
  34. ↑ "Azure’s 10 MW solar plant inaugurated in UP", Project Today, 3 February 2015
  35. ↑ "Azure Power begins 5 MW Solar Plant in Jaisalmer", Business Standard
  36. ↑ "Delhi Gymkhana Newsletter", Delhi Gymkhana
  37. ↑ "Status of subsidies to Benificiaries under SECI's Grid Connected Rooftop SPV Scheme of 32.5 MWp capacity", Solar Energy Corporation of India (SECI)
  38. ↑ "Tariff Petition Solar 100 MW", Bihar Electricity Regulatory Commission
  39. ↑ "Azure Power bags NTPC solar power projects", The Hindu
  40. ↑ "Selection of Developer for 2 MW Solar PV Project in Ordnance Factory, Bhandara under Defence Scheme", Solar Energy Corporation of India (SECI), 22 December 2015
  41. ↑ "Selection of Developer for 5 MW Solar PV Project in Ordnance Factory, Ambajhari under Defence Scheme", Solar Energy Corporation of India (SECI), 22 December 2015
  42. ↑ "Adani, Azure emerge as winners in 100-MW Indian solar tender", SeeNews Renewables, 27 January 2016
  43. 1 2 3 "Azure Power starts solar projects of 88 MW across 3 states", The Economic Times, 5 May 2016
  44. ↑ "NTPC Telangana Winners: Lowest Awarded Bid in Indian State's 350 MW Tender At 4.66 INR/kWh", Taiyang News, 3 May 2016
  45. ↑ "Solar auction: Companies seeking lowest state support win", The Economic Times, 6 May 2016
  46. ↑ "India’s Azure Power wins re-tendered 40MW in Uttar Pradesh auction", PV Tech, 7 July 2016
  47. ↑ "Mohali gets country’s second largest rooftop solar power plant", Tribune India, 28 July 2016
  48. ↑ www.ETEnergyworld.com. "Azure Power Commissions Largest Solar Power Project (150MW) in North India - ET EnergyWorld". ETEnergyworld.com. Retrieved 2017-01-25.
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