NEW DELHI, May 3, 2019 /PRNewswire/ -- Azure Power Global
Limited (NYSE: AZRE), a leading solar power producer in
India, today announced that Mr.
Inderpreet Wadhwa, will be retiring
from his position as CEO and Chairman and member of the Board of
Directors of Azure Power and all its subsidiaries. The Company's
non-executive directors have initiated a search for a new CEO. Mr
Wadhwa will continue with his responsibilities until a new CEO
begins work at Azure Power or December 31,
2019, whichever is earliest. Mr. Wadhwa will serve as an
advisor to the Company until December 31,
2019 even if a new CEO begins work prior to that date.
![Azure Power Azure Power](https://mma.prnewswire.com/media/819565/Azure_Power_Logo.jpg)
The Board of Directors has expressed its great appreciation to
Mr. Wadhwa for his leadership and contributions to the Company, and
for making Azure a dynamic leader among all renewable energy
companies in India. Under Mr.
Wadhwa's leadership, Azure Power has grown to become one of
India's largest solar power
developers and operators with over 1.5 GWs of operating assets plus
over 1.5 GWs of contracted projects. The company has established
its leadership through a series of industry firsts, including the
first Indian solar company to list its shares publicly on the NYSE
and the first successful issuance of green bonds for Indian solar
assets.
About Azure Power Global Limited
Azure Power is a leading independent solar power producer in
India. Azure Power developed
India's first private utility
scale solar project in 2009 and has been at the forefront in the
sector as a developer, constructor and operator of utility scale,
micro-grid and rooftop solar projects since its inception in 2008.
With its in-house engineering, procurement and construction
expertise and advanced in-house operations and maintenance
capability, Azure Power manages the entire development and
operation process, providing low-cost solar power solutions to
customers throughout India.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "will," "expects,"
"believes," "anticipates," "future," "intends," "plans," "believes," "estimates" and
similar statements. These forward-looking statements involve
known and unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
Company and the industry. The risks and uncertainties that
could cause the Company's results to differ materially from those
expressed or implied by such forward-looking statements include:
the availability of additional financing on acceptable terms;
changes in the commercial and retail prices of traditional utility
generated electricity; changes in tariffs at which long term PPAs
are entered into; changes in policies and regulations including net
metering and interconnection limits or caps; the availability of
rebates, tax credits and other incentives; the availability of
solar panels and other raw materials; its limited operating
history, particularly as a new public Company; its ability to
attract and retain its relationships with third parties, including
its solar partners; its ability to meet the covenants in its
debt facilities; meteorological conditions and such other
risks identified in the registration statements and reports that
the Company has filed with the SEC from time to time.
All forward-looking statements in this press release are
based on information available to the Company as of the date
hereof, and the Company assumes no obligation to update these
forward-looking statements.
Investor Contact:
Nathan Judge, CFA
ir@azurepower.com
Investor Relations
Azure Power
Media Contact:
Samitla Subba
pr@azurepower.com
+91-11- 4940 9854
Marketing, Azure Power
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SOURCE Azure Power