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 New Delhi (, , ''Naī Dillī'') is the capital of India and a part of the National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the government of India, hosting the Rashtrapati Bhavan, Parliament House ...

. The company was founded in 2008 by

Inderpreet Wadhwa Inderpreet Singh Wadhwa (born 1972) is an Indian-American renewable energy entrepreneur. He is the former Chairman & CEO of Azure Power Global Limited.

. The company sells energy to government utilities, and independent industrial and commercial customers in India."Company Overview of Azure Power Global Limited"
''

Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician and ...

'' Azure Power developed India's first utility scale solar project in 2009 in Awan,

Punjab Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising ...

."Solar powers his passion for being a social entrepreneur"
'' The Hindu'', 24 June 2012 Azure Power has a total capacity of more than 7 GW.

History

The company was founded by

Inderpreet Wadhwa Inderpreet Singh Wadhwa (born 1972) is an Indian-American renewable energy entrepreneur. He is the former Chairman & CEO of Azure Power Global Limited.

in 2008. Azure Power’s 2 MW

facility was the first utility-scale

solar power plant A photovoltaic power station, also known as a solar park, solar farm, or solar power plant, is a large-scale grid-connected photovoltaic power system (PV system) designed for the supply of merchant power. They are different from most building ...

India India, officially the Republic of India ( Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the ...

in 2009. The project provides electricity to 32 villages 20,000 people in Awan, Punjab. Azure Power has raised capital from investors like

Foundation Capital Foundation Capital is a venture capital firm located in Silicon Valley. The firm was founded in 1995, and in 2012 managed more than $2.4 billion in investment capital. History Foundation Capital was founded in 1995. The firm raised its sevent ...

, Helion Ventures, IFC and German development bank DEG. 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. Azure Power has a total capacity of over 7.4 GW across.

People

* Rupesh Agarwal: Acting CEO *R Narasimhan Iyer: COO *Pawan Kumar Agrawal: CFO

Technology

In November 2011, Azure Power was awarded the US Department of Commerce’s Export Achievement Certificate, at SolarCon, Hyderabad. In August 2012, Hanwha Q Cells Co., the

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...

n 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. In 2014, Azure Power selected

Accenture Accenture plc is an Irish-American professional services company based in Dublin, specializing in information technology (IT) services and consulting. A ''Fortune'' Global 500 company, it reported revenues of $61.6 billion in 2022. Accen ...

to implement an

SAP Sap is a fluid transported in xylem cells (vessel elements or tracheids) or phloem sieve tube elements of a plant. These cells transport water and nutrients throughout the plant. Sap is distinct from latex, resin, or cell sap; it is a separ ...

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.

IPO

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 The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

. Azure Power raised approximately US$161 million as part of its pre-IPO, initial public offering and concurrent private placement.

Green bond

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.

References

{{Authority control Solar energy companies of India Indian companies established in 2008 Companies based in New Delhi Companies listed on the New York Stock Exchange Energy companies established in 2008 Renewable resource companies established in 2008

History

People

Technology

IPO

Green bond

See also

References