NEW DELHI, Nov. 6, 2019
/PRNewswire/ -- Azure Power Global Limited (NYSE: AZRE), a leading
independent solar power developer in India, has entered into a subscription
agreement to raise US $75 million
through a private placement of 6,493,506 equity shares at US
$11.55 per share to Caisse de depot
et placement du Quebec (CDPQ). The
closing of the private placement is conditional on the Company
receiving the necessary shareholder approvals for the issuance of
equity shares comprising more than 10% of the Company's share
capital and the non-application of Section 55 of the Mauritius
Companies Act to this issuance. A special meeting of shareholders
will be held on December 6, 2019 to
obtain these shareholder approvals, and the record date for this
special shareholders' meeting is November
18, 2019. Following completion of the private placement,
which is expected to occur by December 17,
2019, CDPQ's equity interest in Azure Power will increase
from 41.4% to 49.4%.
Speaking on this occasion, Mr. Ranjit
Gupta, Chief Executive Officer, Azure Power said, "We
believe the proposed additional investment by CDPQ illustrates our
largest shareholder's commitment to our platform. With this capital
raise, our current committed projects will be fully equity funded.
The Indian solar market offers significant growth opportunity and
with our differentiated integrated platform and strong access to
capital, we look forward to delivering accretive growth going
forward."
For more information regarding the private placement, please
refer to the form of the subscription agreement attached as an
exhibit to the Company's Report on Form 6-K furnished to the U.S.
Securities and Exchange Commission.
The Company will host a conference call to discuss the private
placement at 8:30 a.m. US Eastern
Time on Thursday, November 7,
2019. Members of the public who would like to listen to the
conference call should dial 1-866-746-2133 (in the U.S.) and
+91-22-6280-1444 (outside the U.S.). The number should be
dialed at least 10 minutes prior to the start of the conference
call. For those unable to listen to the live broadcast, a replay
will be available approximately two hours after the conclusion of
the call. The replay will remain available until Thursday, November 14, 2019 and can be accessed
by dialing 1-833-289-8317 (in the U.S.) and +91-22-6663-5757
(outside the U.S.) and entering the replay passcode 40742.
This is not an offer to sell or purchase nor the solicitation of
an offer to sell or purchase securities and shall not constitute an
offer, solicitation or sale in any state or jurisdiction in which,
or to any person to whom such an offer, solicitation or sale would
be unlawful.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-Indian portfolio over 3 gigawatts. With its
in-house engineering, procurement and construction expertise and
advanced inhouse 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, rooftop to mini & micro grids, 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 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.
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-to-raise-us-75-million-in-private-placement-300953256.html
SOURCE Azure Power