NEW DELHI, July 17, 2019 /PRNewswire/ -- Azure Power Global
Limited ("Azure Power" or the "Company") (NYSE: AZRE), a leading
solar power producer in India,
today announced that its board of directors has appointed Mr.
Ranjit Gupta as chief executive
officer and a member of the Board, and Mr. Murali Subramanian as president, effective
July 18, 2019.
"I am excited to join Azure Power and look forward to getting
started immediately," said Mr. Gupta. "We welcome the opportunity
to work with our new colleagues who established Azure Power as
India's leading solar developer.
This is an exciting time in Indian renewable markets. We will build
on Azure Power's 3 Gigawatt portfolio and solid track record to
advance the company and enhance its leadership position, creating
value for shareholders, employees and the communities we
serve."
Mr. Gupta and Mr. Subramanian were the co-founders and CEO and
chief operating officer, respectively, of Ostro Energy, a start-up
enterprise that they grew into one of the leading renewable energy
companies in India with a
portfolio of over 1,000 MWs. Prior to Ostro Energy, Mr. Gupta and
Mr. Subramanian were the leading executives at other power
companies, including Orange Renewables and IndiaBulls Power. They
began their careers at Schlumberger, in various field and
management positions.
As previously announced, Mr. Inderpreet
Wadhwa made the decision to retire as CEO and chairman of
the board of directors upon the appointment of a new CEO. Mr.
Wadhwa will continue to serve as an advisor to the Company until
December 31, 2019 to facilitate an
orderly transition.
"We are excited to welcome Ranjit and Murali to Azure Power,"
said Barney Rush, chair of the
Nomination and Governance Committee. "They are proven senior
executives who are deeply knowledgeable of the Indian renewable
sector. We have confidence that under their leadership, Azure will
continue to strengthen its leadership position in the renewable
power sector. We would also like to thank Inderpreet Wadhwa for his vision, commitment and
skill in building Azure into the strong and dynamic company it is
today."
About Azure Power Global Limited
Azure Power is a leading independent solar power producer in
India with a portfolio over 3
gigawatts. 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/azure-power-appoints-a-chief-executive-officer-and-a-president-300886968.html
SOURCE Azure Power