#1India's largest owned and operated single site solar project India's first private grid connected MW solar plant India's first solar green bond issuance Azure Power Investor Update November 2023#2Experienced Board backed by Long Term Marquee Shareholders Management Majority Independent Board of Directors Recent Updates: Mr. Deepak Malhotra and Mr. Cyril Cabanes - nominees of CDPQ Infrastructures have resigned and Jamie Garcia Nieto and Philippe Wind have taken their place as nominee directors of CDPQ Infrastructures Sunil Gupta Chief Executive Officer Leadership experience in the renewable sector and strong track record of building renewable energy Years of experience as renewable businesses. banking specialist. energy Over Sujata Sircar Group CFO 32 years of experience in different industries, incl. Energy, Automation, City Gas Distribution, Textiles, Chemicals and FMCG with over 20 years as CFO. M.S Unnikrishnan Board Chairman & Non Executive Director ■CDPQ Representative, over 30 years of experience in the energy and environmental sector. Asia Innovator of the Year by CNBC Asia, one of the best CEOs in India by Grant Thorton, and India Innovator of the Year by CNBC India ■Ex. MD and CEO of Thermax Ltd. Jamie Garcia Nieto Non-Executive Director ■Managing Director, Infrastructure, Mexico at CDPQ since 2020. ■Over 30 years of experience in international and finance management consulting. Previously held position as Chief Investment Officer at a family office and worked at The Boston Consulting Group (BCG), a management consulting firm. Delphine Voeltzel Non Executive Director ■■Over 14 years of professional experience in the infrastructure sector across Europe and Asia and is leading OMERS Infrastructure's investment efforts in Asia ■ Presently, serving as MD at OMERS Infrastructure. Philippe Wind Non-Executive Director ■ Operating partner in the Infrastructure group at CDPQ. ■ Over 30 years of experience in the areas of utility, renewable, deal making, management, operations, construction, engineering, consulting, regulatory, private equity, or project finance areas.. ■Previously, worked as CEO at Actis Singapore and Suez/Engie Group in the infra/utility sector. Key Shareholders Caisse de dépôt et placement du Québec 2nd largest Canadian pension fund (Rated AAA). Increased stake in Azure Power to c.53.4% through multiple rounds & open market purchase OMERS Acquired 19.4% stake from IFC and IFC GIF. IFC (investor since 2010). Stake increased to 21.4% post rights issue in 2022 JEAN-FRANÇOIS BOISVENU Independent Director ■ Over 25 years experience in corporate and commercial laws, and expertise in international banking transactions, lending and debt capital markets transactions & financial institutions regulation. ■ Partner at Eversheds Sutherland (Mauritius), heading the banking and finance practice since 2017. 2 Copyright © 2023 Azure Power | www.azurepower.com Supriya Sen Independent Director ■ Over 30 years of experience in banking, private equity, capital markets and multilateral funding and investment as well as significant involvement in sustainability initiatives globally and in India. Richard Payette Independent Director of ■ Over four decades experience in organizational transformation, international market development, finance, audit, governance, and risk management ■Currently serving as director of EDC and CPAB. Muhammad Khalid Peyrye Independent Director ■ Heads the Corporate Secretarial and Administrative cluster of AAA Global Services ■ Previously was a Money Laundering and Compliance officer for a leading financial services company. GOWTAMSINGH DABEE Independent Director a ■ Over 25 years experience as professional accountant in public practice and industry in Mauritius, Africa, and Middle East. ■ Partner of GD Riches Accountants and is an auditor, accountant, and insolvency practitioner in Mauritius. Azure Power®#3Strengthened Corporate Governance Mr. Sunil Gupta, experienced business leader with a strong international track record of building renewable energy businesses; joined as the CEO, effective July 10, 2023. ⚫Mr. Sugata Sircar appointed as Group CFO and as Executive Director, Finance of Azure Power India Private Limited (APIPL) effective May 1, 2023. Mr. Sircar has over thirty-two years of experience in various industries as CFO; he was CFO of Schneider Electric's businesses in India and neighboring countries. Strong Management Team in place Management Assurance Services Function('MAS') created •MAS function created to ensure a robust governance and control framework and to ensure compliance to operating controls through process monitoring and internal audits.. •Appointed Mr. Vijay Kumar Wadhwani as MAS Head. He has, over 22 years of experience in large firms and companies, in Controls, Governance, Audit and Financial Reporting. •ASA & Associates LLP appointed to audit U.S. GAAP consolidated financial statements •Appointed MSKA & Associates (BDO International member firm), statutory auditor of APIPL, also made auditor of certain subsidiary companies of APIPL New Independent Auditors Bolstering ERM and Internal Control Framework 3 | Copyright © 2023 Azure Power | www.azurepower.com • • Enterprise Risk Assessment framework revamped and implemented with deep engagement of business leaders. SOPS, Segregation of Duties, Control documentation and Testing among several measures being implemented. Azure Power#4Overview Leading independent sustainable energy solution provider and renewable power producer in India Geographically diversified well balanced portfolio A Founded in 2008, built India's first private utility-scale solar project in 2009 A Majority owned (53.4%) by long-term Canadian pension funds CDPQ 2 Superior Technical and Execution Capabilities 3 Azure Power® Local Expertise and Global Reach Experienced Management Backed by Long Term Marquee Shareholders OMERS owns ~21.4% stake in this renewable energy platform Issued first Solar Green Bond out of India (USD bonds listed on Singapore Exchange) Fully integrated business from development to EPC, financing and O&M Developed and operating largest owned and operated single site solar project in India Over 3.04 GW operating assets and additional 4.3 GW awarded and contracted pipeline. Milestones 5 Strong ESG focus Azure Power started its journey 2008 2009 10 MW project in Gujarat, India's largest capacity project at commissioning 2011 2 MW project in Punjab, India's first private utility scale solar project 2014 • First utility scale project in the states of Uttar Pradesh and Chhattisgarh. 100 MW project in Rajasthan, the largest operating project under National Solar Mission at commissioning 2 GW portfolio 34 MW project in Punjab, North India's largest private solar power plant at commissioning 4 Copyright © 2023 Azure Power | www.azurepower.com • • Green Bond Issued at lowest ever coupon for an Indian renewable energy company Won first wind project 2015 2016 2017 2021 2018 2020 1 GW portfolio Issued India's first solar Green Bond -7 GW portfolio across India 2022 Raised USD 250 Mn through rights offering Azure Power®#5APGL Portfolio & its Presence Operating Portfolio 3.04 GW 1,782 611 648 State wise operational and committed capacity Rajasthan (5,775 MW) 1,675 MW 4,100 MW Gujarat 270 MW Andhra Pradesh 200 MW ■RGIII ■RGII ■ Non RG Assets Off-taker Wise Operating Capacity ~62% of the portfolio with central government entities SECI 52% State Electricity Boards 35% Maharashtra 7 MW Karnataka (420 MW) 250 MW 170 MW Rooftop Project 93 MW Gol Entities & others 3% NTPC 10% 5 | Copyright © 2023 Azure Power | www.azurepower.com Operational Solar Capacity Awarded & Contracted Capacity Punjab 214 MW Uttar Pradesh 100 MW Bihar 10 MW Chhattisgarh 30MW Telangana 100 MW Delhi 2 MW Assam 90 MW Azure Power®#6RG Assets: Portfolio RG III Azure Power Energy Limited 2026 Notes $414mn 3.575% Due 2026; Amortizing; Current o/s - $357mn RG II Azure Power Solar Energy Private Limited 2024 Notes $350mn 5.65% Due 2024 Sovereign 34% A / A+ 32% Off-taker Breakup Sovereign 20% Others 34% A / A+ 44% Off-taker Breakup Substantial offtake from highest rated counterparties Ratings as per 11th Integrated Annual Rating of State and Private power utilities issued by Ministry of Power, Govt of India in 2022. 6 | Copyright © 2023 Azure Power | www.azurepower.com Others 36% Azure Power®#7Established Operational Performance 30.00% PLF performance 25.00% 24.1% 23.9% 20.00% 15.00% 10.00% 5.00% 2,000 1,800 1,600 Electricity Generation (mn KwH) 1,367 1,400 1,356 18.6% 18.9% 1,200 0.00% RGII RGIII ■FY22 FY23 Note: FY23 PLF performance includes the Rooftop PLF performance 7 | Copyright © 2023 Azure Power | www.azurepower.com 1,000 800 600 400 200 995 1,010 RGII RGIII ■FY22 FY23 Azure Power®#8Healthy Financial Profile Revenue INR mn Cash & Bank INR mn 7000 3500 6,229 6,137 6000 3000 4,967 5000 4,465 2500 4000 2000 1,586 3000 1500 2000 1000 1000 500 0 0 Total Debt* RGIII RGII ■FY22 ■FY23 INR mn 31000 30,373 29,954 30000 29000 28000 27000 26000 25000 24000 RGIII ■FY22 ■FY23 26,291 RGII FY22 EBITDA INR mn 7,000 5,872 6,000 28,490 5,000 4,000 3,000 2,000 1,000 * Increase in FY23 is due to conversion of foreign currency debt at forex rate as on March 31, 2023. All foreign currency debt are hedged. | Includes Current & Non Current Borrowings of the RG Bonds 8 | Copyright © 2023 Azure Power | www.azurepower.com 2,668 2,380 RGIII RGII ■FY22 ■FY23 3,248 RG III RG II 4,131 Average Tariff (INR) 6.16 3.22 PLF (AC) FY 2023 18.9% 23.9% Average Remaining PPA Tenure (Yrs.) 17.1 19.6 FY22 ■RGIII RGII Note: FY23 - Management Unaudited Numbers ; FY22 - RGIN and RGII audited numbers. Azure Power#9Appendix: Key Financial Parameters RG III (2026 Notes) RG II (2024 Notes Particulars (INR mn) FY2022 FY2021 FY2022 FY2021 Revenue 6,229 6,196 4,967 4,472 EBITDA EBITDA Margin % PAT Property Plant & Equipment (1) Non-Current Financial Assets Tax Assets (2) Other Non-Current Assets Cash & Cash Equivalents Receivables Loans Other Financial Assets Other Current Assets Total Assets Equity RG Borrowings (3) Other Borrowings Lease Liabilities (3) Other Financial Liabilities (3) Provisions (3) Trade Payables Tax Liabilities (3) Other Non-Current Liabilities Other Current Liabilities 5,872 5,396 4,131 3,971 94% 87% 83% 89% 1,515 (162) (371) (1,847) 30,325 31,415 33,192 34,255 7,070 11,438 2,663 1,496 315 317 324 328 523 341 70 79 1,586 3,453 2,380 1,784 2,901 2,952 1,443 1,001 925 798 30 41 176 162 225 37 31 19 56 55 43,852 50,895 40,383 39,076 8,547 8,144 5,014 5,978 29,954 36,814 26,291 25,413 165 4,580 4,347 852 834 805 799 279 989 1,341 1,170 128 131 251 263 165 158 366 295 1,508 1,681 832 335 2,148 2,039 826 405 106 105 77 71 Total Equity & Liabilities 43,852 50,895 40,383 39,076 (1) Includes "Right of Use Assets" & "Capital Work In Progress"; (2) Includes Deferred Tax and Income Tax Assets; (3) Includes both Non-Current & Current Portion Source: Audited Financials 9 Copyright © 2023 Azure Power | www.azurepower.com Azure PowerⓇ#10Disclaimer Forward-Looking Statements This information 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. 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 financing/refinancing 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; cancellation of PPAs; changes in policies and regulations including net metering and interconnection limits or caps; ongoing and potential litigation and/or regulatory investigations; failure and delays in making regulatory filings (including in India, Mauritius and United States); 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. Certain information provided in this release is unaudited and provisional and thus subject to completion of the Company's FY 2022-23 financial year-end audit. Investors are advised, therefore, that this information may be subject to change 10 Copyright © 2023 Azure Power | www.azurepower.com Azure Power®#11Azure Power R To Be The Number One Provider Of Sustainable Energy Solutions For A Carbon Neutral World Excellence | Honesty | Social Responsibility | Entrepreneurship