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]
 | |
| Company type | Public |
|---|---|
| OTC Pink: AZREF | |
| ISIN | MU0527S00004 |
| Industry | Solar energy |
| Founded | 2008 |
| Headquarters | , India[1] |
Area served | India |
Key people |
|
| Revenue | ₹12,958 million (US$171.9 million) (FY 2019-20) |
| ₹7,962 million (105.6 million) (FY 2019-20) | |
Number of employees | 656 (2019) |
History edit
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.[5] 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.[6] Azure Power has a total capacity of over 7.2 GW across.[4]
People edit
Technology edit
In November 2011, Azure Power was awarded the US Department of Commerce’s Export Achievement Certificate, at SolarCon, Hyderabad.[10] 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.[11] 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.[12]
IPO edit
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.[13] Azure Power raised approximately US$161 million as part of its pre-IPO, initial public offering and concurrent private placement.[14]
Green bond edit
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.[15]
See also edit
References edit
- ^ "Contact us". Azure Power.
- ^ "Company Overview of Azure Power Global Limited", Bloomberg
- ^ a b c "Solar powers his passion for being a social entrepreneur", The Hindu, 24 June 2012
- ^ a b "Azure Power wins 300 MW project to surpass 3 GW portfolio". pv magazine India.
- ^ "Inderpreet Wadhwa: It was like driving a train even as the tracks were being laid", Forbes India, 13 June 2013
- ^ "CDPQ's share in Azure Power rises to 50.9 per cent". Renewable Watch. 13 March 2020. Retrieved 6 October 2020.
- ^ ", Azure Power Global Ltd: Profile and Biography - Bloomberg Markets". Bloomberg.com. Retrieved 28 February 2020.
- ^ "Azure Power Appoints new CEO and President". saurenergy.com. Retrieved 28 February 2020.
- ^ Power, Azure. "Azure Power Ranked Top 10 Global Renewable Energy Company for Sustainability by Sustainalytics". www.prnewswire.com. Retrieved 6 October 2020.
- ^ "U.S. Commerce Department honors Azure Power with Export Achievement Award"[permanent dead link], Financial Chronicle, 15 November 2011
- ^ "Hanwha to Work With Azure to Build Solar Plant in India", Bloomberg, 12 August 2015
- ^ "Accenture to help Azure Power expand its solar generation business", Accenture, 24 April 2014
- ^ "Azure Power makes a weak debut on New York Stock Exchange", The Economic Times, 28 October 2016
- ^ "Azure Power ties up $470 million in funding", Live Mint, 8 November 2016
- ^ Power, Azure. "Azure Power: New US$350 Million Green Bond Issued". www.prnewswire.com. Retrieved 6 October 2020.