Azure Power

Azure Power
Public
Traded as NYSE: AZRE
ISIN MU0527S00004
Industry Solar energy
Founded 2008 (2008)
Founder Inderpreet Wadhwa
Headquarters 8, Local Shopping Complex, Madangir, Pushp Vihar, New Delhi, Delhi, India[1]
Area served
 India
Key people
  • Inderpreet Wadhwa (CEO)
  • H.S. Wadhwa (COO)
Number of employees
 360[2] (2015)

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 15 states, which includes India's largest operational solar plant of 100 MW under India's National Solar Mission in Rajasthan.[7]

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.[8] In 2015, Azure commissioned a 100 MW solar plant in Rajasthan which is the largest plant under National Solar Mission. 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.[9] 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.[10]

People

Technology

In November 2011, Azure Power was awarded the US Department of Commerce’s Export Achievement Certificate, at SolarCon, Hyderabad.[19] 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.[20] 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.[21]

Commissioned and committed projects

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

2009

2011

2013

2014

2015

2016

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. ↑ "Azure Power starts solar projects of 88 MW across 3 states", Business Standard, 5 May 2016
  8. 1 2 "Azure Power to set up rooftop solar power project in Gujarat", The Hindu, 21 April 2012
  9. ↑ "Inderpreet Wadhwa: It was like driving a train even as the tracks were being laid", Forbes India, 13 June 2013
  10. ↑ "Azure Power - A Good Way To Play The Secular Growth Of The India Solar Market", Seeking Alpha, 22 December 2015
  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. ↑ "William B. Elmore", Bloomberg
  15. ↑ "Robert Kelly Joins Azure Power Board as a Director", Power Today
  16. ↑ "Azure Power announces Series B Investment", Business Standard
  17. ↑ "Sanjeev Aggarwal", Bloomberg
  18. ↑ "Arno Harris joins Azure Power's Board of Directors", PV Tech, 17 May 2016
  19. ↑ "U.S. Commerce Department honors Azure Power with Export Achievement Award", Financial Chronicle, 15 November 2011
  20. ↑ "Hanwha to Work With Azure to Build Solar Plant in India", Bloomberg, 12 August 2015
  21. ↑ "Accenture to help Azure Power expand its solar generation business", Accenture, 24 April 2014
  22. ↑ "Country's largest 10 MW Solar Power Plant", The Economic Times 8 June 2011
  23. ↑ "Azure Power gets 7035M Loan from US Exim Bank", The Hindu
  24. ↑ "Azure Power starts operating 35 MW Rajasthan Solar Power Plant", Bloomberg
  25. ↑ "Azure Power plans 12 MW solar plan in state", Business Standard
  26. ↑ "Sukhbir Majiithia inaugurates solar power plant worth Rs.350 crores", Hindustan Times
  27. ↑ "Grid Connected Solar Power Projects-Status", Karnataka Renewable Energy Development Ltd., 22 November 2014
  28. ↑ "SunEdison, Azure, Welspun, win solar projects in Karnataka", The Hindu, 30 October 2014
  29. ↑ "Azure Power commissions largest solar power plant under India’s NSM", India Infoline, Mumbai, 14 May 2015
  30. ↑ "Azure Power commissions 30 MW solar power plant in Durg, Chhattisgarh", The Economic Times, New Delhi, 31 August 2015
  31. ↑ "Solar Grid Report", Karnataka Renewable Energy Development Ltd.
  32. ↑ "Azure’s 10 MW solar plant inaugurated in UP", Project Today, 3 February 2015
  33. ↑ "Azure Power begins 5 MW Solar Plant in Jaisalmer", Business Standard
  34. ↑ "Delhi Gymkhana Newsletter", Delhi Gymkhana
  35. ↑ "Status of subsidies to Benificiaries under SECI's Grid Connected Rooftop SPV Scheme of 32.5 MWp capacity", Solar Energy Corporation of India (SECI)
  36. ↑ "Tariff Petition Solar 100 MW", Bihar Electricity Regulatory Commission
  37. ↑ "Azure Power inks pact with PEDA for 150 MW solar power project", The Economic Times
  38. ↑ "Azure Power bags NTPC solar power projects", The Hindu
  39. ↑ "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
  40. ↑ "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
  41. ↑ "Adani, Azure emerge as winners in 100-MW Indian solar tender", SeeNews Renewables, 27 January 2016
  42. 1 2 3 "Azure Power starts solar projects of 88 MW across 3 states", The Economic Times, 5 May 2016
  43. ↑ "NTPC Telangana Winners: Lowest Awarded Bid in Indian State's 350 MW Tender At 4.66 INR/kWh", Taiyang News, 3 May 2016
  44. ↑ "Solar auction: Companies seeking lowest state support win", The Economic Times, 6 May 2016
  45. ↑ "India’s Azure Power wins re-tendered 40MW in Uttar Pradesh auction", PV Tech, 7 July 2016
  46. ↑ "Mohali gets country’s second largest rooftop solar power plant", Tribune India, 28 July 2016
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