Recent 4 GW Project Win Is Value Accretive
Plan For Equity Funding Requirements
Identified $150mn of equity sources towards
$600 million equity need to build 4 GWs
Pursuing Lowest Cost of
Capital
Fully equity funded for 3,115 MWs; Continue to expect that
no new shares will be issued before at least FY'22(2)
Equity needs spread over 5 years
Primary sources of additional equity are:
Internal cash flow generation
Optimizing cash flow through cost reductions, refinancing,
reducing working capital
Investment Grade Green Bond opportunities could lower
borrowing cost and reduce equity needs
Asset sales
Corporate debt at parent level with international lenders
Strategic investors
A
Identified opportunities since February 2020 to
reduce additional equity needs by $150 million
Considering larger pool of assets for potential sale
given strong interest
COVID-19 may slow the asset sale exploration
process for both first and second set of assets
Considering
housekeeping
shelf
filing
for
corporate
Exchange rate- INR 75.39 to US$1 (New York closing rate of December 31, 2019). (1) net of proceeds from potential asset sales, 2) unless issuing new shares became the lowest cost source of equity for our projects
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