INVESTOR RELATIONS

EBENE, Mauritius--(BUSINESS WIRE)-- Azure Power Global Limited (NYSE:AZRE), (“Azure Power” or “the Company”), a leading independent solar power producer in India, today announced its consolidated results under United States Generally Accepted Accounting Principles (US GAAP) for the fiscal first quarter 2018 period ended June 30, 2017.

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Azure Power | New York Stock Exchange

First Quarter 2018 Period Ended June 30, 2017 Operating Highlights:

• Operating & Committed Megawatts were 1,069 MW, as of June 30, 2017, an increase of 11% over June 30, 2016.
• Revenue for the quarter was 1,877.9 million (US$ 29.1 million), an increase of 84% over the quarter ended June 30, 2016.
• Adjusted EBITDA for the quarter was INR 1,469.3 million (US$ 22.7 million), an increase of 89% over the quarter ended June 30, 2016.

Key Operating and Financial Metrics:

Electricity generation during the three months ended June 30, 2017 increased by 143.2 million kWh, or 98%, to 290.0 million kWh, compared to the same period in 2016. The increase in electricity generation was principally a result of additional capacity operating during the period.

Total revenue during three months ended June 30, 2017 was INR 1,877.9 million (US$ 29.1 million), up 84% from INR 1,021.7 million during the same period in 2016. The increase in revenue was primarily driven by the commissioning of new projects.

Project cost per megawatt operating consists of costs incurred for one megawatt of new solar power plant capacity during the reporting period. The project cost per megawatt operating for the three months ended June 30, 2017 decreased by INR 0.29 million to INR 57.9 million (US$ 0.9 million), as compared to the same period in 2016. The decline is due to decreasing solar module prices and the reduction in balance of system costs.

As of June 30, 2017, our operating and committed megawatts increased by 104 MW to 1,069 MW compared to June 30, 2016 as a result of winning new projects.

Nominal Contracted Payments

The Company’s PPAs create long-term recurring customer payments. Nominal contracted payments equal the sum of the estimated payments that the customer is likely to make, subject to discounts or rebates, over the remaining term of the PPAs. When calculating nominal contracted payments, the Company includes those PPAs for projects that are operating or committed.