NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE: AZRE), a leading independent solar power producer in
India, announced the appointment of Sushil Bhagat, former CFO of
Hindustan Power Projects Ltd. (HPPL), as the new Chief Financial Officer
of Azure Power.
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Sushil Bhagat, Chief Financial Officer, Azure Power
Sushil Bhagat comes on board with over 30 years of experience of working
with corporate and investment banking and then transitioning to HPPL
where he worked extensively on fund raising and inorganic growth
opportunities. As a previous investment banker, he raised $12+ billion
of funds and led complex advisory and M&A assignments across all
infrastructure sectors. Subsequently, he has headed finance, commercial
and strategy functions at Coastal Projects and helped it achieve an
enterprise value of over $4 billion in six years. Sushil has supervised
1,200 MWs of thermal and 400+MWs of solar power assets while at HPPL. He
has also served in various corporate leadership roles at Coastal
Projects, Wachovia, Axis Bank and State Bank Group.
S.K Gupta, former CFO of Azure Power has been appointed Executive Vice
President – O&M and will head the O&M business unit to manage the
company’s fast-growing fleet of assets.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and
Chief Executive Officer, Azure Power said, "We are pleased to
welcome Sushil Bhagat as the Chief Financial Officer of Azure Power.
Given his proven track record, we are confident that he will be a strong
leader for our business and a great addition to the management team. We
are also excited to have S.K Gupta take over the O&M business unit. He
brings a wealth of experience to optimize our significant and fast
growing portfolio.”
Commenting on his appointment, Sushil Bhagat said, “Azure Power
is an established leader in the solar industry in India that offers an
attractive value proposition for Indian power customers by utilizing the
best technology with unmatched word-class execution, expertise and
experience. I look forward to growing the Azure Power platform to the
next level.”
About Azure Power
Azure
Power (NYSE: AZRE) is a leading independent solar power producer in
India with a portfolio of over 1,600 MWs across 22 states/union
territories. With its in-house engineering, procurement and construction
expertise and advanced in-house operations and maintenance capability,
Azure Power provides low-cost and reliable solar power solutions to
customers throughout India. It has developed, constructed and operated
solar projects of varying sizes, from utility scale to rooftop, since
its inception in 2008. Highlights include the construction of India’s
first private utility scale solar PV power plant in 2009 and the
implementation of the first MW scale rooftop project under the smart
city initiative in 2013.
For more information, visit: www.azurepower.com
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, including statements
regarding the Company’s future financial and operating guidance,
operational and financial results such as estimates of nominal
contracted payments remaining and portfolio run rate, and the
assumptions related to the calculation of the foregoing metrics. 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 U.S. Securities and Exchange Commission, or SEC, from time to time.
All forward-looking statements in this press release are based on
information available to us as of the date hereof, and the Company
assumes no obligation to update these forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171025005813/en/
Azure Power
Investor Contact
Nathan Judge, CFA
Investor
Relations
[email protected]
or
Media
Contact
Samitla Subba
Marketing
[email protected]
+91-11-
4940 9854
Source: Azure Power Global Ltd
