NEW DELHI, Feb. 14, 2020 /PRNewswire/ -- Azure Power (NYSE:
AZRE), a leading solar power producer in India, published its first Annual
Sustainability Report for 2018-19, which highlights the ways in
which the company is delivering on its commitment to
sustainability.
Speaking on this occasion, Ranjit Gupta, Chief Executive Officer, Azure
Power said: "Sustainability is the core of our value
proposition and the essence of our business. We are proud of our
performance on key environmental, social and governance issues and
are committed to delivering value to our stakeholders by providing
reliable solar power to our customers, fulfilling careers to our
employees, bettering the communities in which we operate, and
providing strong returns to our shareholders."
Highlights from this year's report include:
Environmental
- Azure Power is a carbon negative organization and it has zero
carbon intensity. In FY'19, the company generated 1,026 million
units of clean solar energy, avoiding nearly one million tonnes of
carbon emissions.
- Responsible stewardship of water resources is an important
aspect of the company's environmental management framework. The
company aims to become water neutral in a couple of years. In
the calendar year 2019, the company reduced water consumption
per unit of electricity generated by about half compared to the
prior year and harvested about 11,000 gallons of rainwater in
FY'19.
Societal
- Azure Power believes that employee diversity across gender and
age are important to facilitate sustainable, profitable and
responsible growth. In FY'19, the percentage of females hired of
new joiners was twice the overall percentage of females employed at
the company and women are given equal pay.
- In FY'19, the company installed over 50 water filtration units
in 5 states providing clean drinking water to local
communities.
- The company invested 11,00 man-days of training in its
workforce and has implemented electronic learning portals to
improve access and availability in FY'19.
- In FY'19, the company onboarded 45 new suppliers, all of which
were screened for sustainability.
- The company provides Corporate Social Responsibility impact
reports on its website which provides more details on its efforts
to improve education, water, livelihood & skill development for
the local communities in which it operates.
Governance
- All of the company's projects are developed and implemented in
accordance with the World Bank Equator Principles.
- The company strictly follows international governance policies
on corruption, human rights, freedom of association, fair
disclosure, whistle-blower and insider trading among others.
- The Board of Directors has gender diversity and 80% of its
members are independent.
To read the full report, go to
https://www.azurepower.com/sustainability
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-India portfolio. 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 since its inception in 2008.
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; curtailment; 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.
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