NEW DELHI, Aug. 29, 2022 /PRNewswire/ -- Azure Power Global
Limited (NYSE: AZRE) today announced the resignation of its Chief
Executive Officer, Mr. Harsh Shah, effective immediately.
Alan Rosling, Chairman of the
Board, said, "The Board has accepted Harsh's resignation with deep
regret. He joined us only from 1 July
2022 and we hoped that Harsh would be the leader to take the
Company forward. However, we respect this unexpected decision and
wish him and his family all the best for the future."
Harsh added, "The Indian renewable energy sector is
thriving with a great potential to play a leadership role in energy
transition globally. Azure is certainly placed very well to seize
the big growth opportunity that India presents, and I was
looking forward to working with the team to deliver Azure's
potential. However, owing to unforeseen circumstances and matters
beyond my control, I have decided to step down from my role of
the Chief Executive Officer. I am thankful to the Board and the
team for the warm welcome and support during my tenure and wish
them luck to take Azure to greater heights."
The Company will be releasing today a separate update on other
matters including future leadership following Harsh's
departure.
About Azure Power
AZURE is a leading independent sustainable energy solutions
provider and power producer in India on a mission to create value for all
stakeholders through high-performance Renewable Energy assets.
Azure developed India's first
utility scale solar project in 2009, and since then, has grown
rapidly to become a leader in developing and operating large
utility-scale renewable energy projects in the country. Azure also
partners with commercial and industrial customers in their
decarbonization journey by providing comprehensive solutions for
their clean energy needs.
For more information about Azure, visit: www.azurepower.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and the US 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 files with the US Securities and Exchange Commission 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.
For more information:
Investor Contact
ir@azurepower.com
Media Contact
pr@azurepower.com
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