Investor Presentation
Integrated Business Model Drives Attractive Returns In Falling Tariff Environment
Integrated Business Model
Azure's integrated approach enhances returns
Local development expertise for land development, transmission &
interconnection capabilities
Continued ability to win bids above the lowest clearing bid
Real-time monitoring for high availability of assets
Cost of Capital
Reductions
Access to public equity
and debt; relationships
with leading infrastructure
and pension investors;
Cost of Capital
Project debt costs have
declined ~250 bps since
2014
Power Price
Tariffs
20%+ IRR
Project Costs
(Modules,
BOS)
Project Cost
Reductions
In-house value engineering,
design and procurement
expertise complemented by
strong supplier relationships;
Achieved an 86% BOS cost
decline since inception
High Quality Counterparties
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Majority of portfolio with sovereign level, highly rated Gov. of India agencies
Over 73% of the portfolio contracts with A to AAA credit rated offtakers
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