Equity Funding and Strategic Update

$800 Historical and Future Strong Growth MWs Operational Guidance MWs 8,000 7,000 6,000 5,000 4,000 CAGR 3,000 61% 2,000 1,000 IPO(a) FY'17(a) FY'18(a) FY'19(a) Dec 31 '19(a) FY'21(e) Capex Forecast (1) CAGR 35% FY'22(e) FY'23(e) FY'24(e) FY'25(e) $700 $600 $500 $400 $300 $600 $100 $400 $200 $0 FY'20 FY'21 FY'22 Equity Debt FY'23 FY'24 FY'25 Debt (US$ millions) FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 $200 EBITDA, Cash Flow to Equity(2) and Debt Forecast EBITDA: $190 - $205 CFe: $45 - $65 $0 LTM Current Operational (1,804 MWs) $1.0bn EBITDA: $275 - $300 CFe: $70-$100 CFe: $170 - $210 Cap Ex $689M FY'20 $600 - $800 $500 - $700 $500 - $700 $500 - $700 $500 - $700 9| Copyright 2020 Azure Power |www.azurepower.com Exchange rate- INR 71.45 to US$1 (New York closing rate of December 31, 2019) (1) Midpoint of guidance, (2) CFe (cash flow to equity) is EBITDA less cash interest expense, cash taxes, normalized debt amortization over 20 years and maintenance capex but excludes corporate debt servicing, changes in working capital or cash traps related to lender covenants. LTM are actuals. (3) Includes 2,000 MWs for which the company received a LOA yet, has not Azure Power® Total Contracted Portfolio (3,115 MWs) Total Committed Portfolio (7,115 MWs) (3) $1.7bn EBITDA CFe $3.2bn EBITDA: $575 - $675

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