Equity Funding and Strategic Update
Contracted 7,115 MW Portfolio: Equity Funding
Considerations for Equity Needs
Alternative Sources of Equity
Could Exceed $600 mn over 5 years
Equity is needed over next 5 years for 4 GW pipeline which
will be sourced from lowest cost options
We do not expect to issue shares in the next two years (1)
Hired advisor to sell assets; considering increasing the
amount of asset sales given indications of interest and
recent multiples in market
A Fully equity funded for 3,115 MWs; No equity needed until
FY'22
Internal cash flow generation
Asset sales
Corporate debt at parent level with international lenders
Investment Grade Green Bond opportunities could lower
borrowing cost and reduce equity needs through higher
leverage
Optimizing cash flow through
refinancing, reducing working capital
cost
reductions,
Exchange rate- INR 71.45 to US$1 (New York closing rate of December 31, 2019). (1) unless issuing new shares became the lowest cost source of equity for our projects
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