Investor Presentation

Experienced Board Backed by Long Term Marquee Shareholders Azure Power Caisse de dépôt et placement du Québec • Increased stake in Azure Power to c.50.3% through multiple rounds & open market purchase • 2nd largest Canadian pension fund (Rated AAA) • Over US $250 bn assets, of which over c. US$ 4.5bn invested in India • Long term institutional investor: Investments in infrastructure globally of c.US$ 23bn of which c.53% in Energy IFC International Finance Corporation WORLD BANK GROUP IFC Global Infrastructure Fund • Made its first investment in company in 2010 and increased stake through multiple rounds with current holding of c.22.1% • Arm of World Bank and largest global development institution • US$27bn+ investment since 2007 in Infra & Natural Resources Long term institutional investor: Leading global investor in emerging market renewable power with c.US$6.1 billion invested Barney Rush Chairman and Independent Director ■Serves on the board of ISO-New England, the electric grid and wholesale market operator for six U.S. states ■Served as Group CEO of Mirant Europe and Chairman of the Supervisory Board of Bewag serving utility in Germany Ranjit Gupta Chief Executive Officer and Director ■Extensive experience in Renewable Energy, Thermal Power and the O&G industry ■ Co-founded and served as the Chief Executive Officer of Ostro Energy 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. ■Currently, Senior Advisor with Mckinsey Arno Harris Independent Director Former founder and CEO of Recurrent Energy and Prevalent Power ■Serves as a board member emeritus and former board chair of the Solar Energy Industry Association 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 Cyril Cabanes Non-Executive Director Vice President, Head of Infrastructure Transactions, Asia-Pacific at CDPQ ■ 20+ years of experience across all facets of infrastructure transactions including acquisitions, financing and fundraising Deepak Malhotra Non-Executive Director ■Director, Infrastructure, South Asia at CDPQ ■18+ years of experience in infrastructure financing. He previously worked at International Finance Corporation, World Bank, at a leading credit agency in India and in the Merchant Navy M.S Unnikrishnan Non Executive Director ■ 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 ■Managing Director and CEO of Thermax Ltd. ■CDPQ Representative Yung Oy Pin (Jane) Lun Leung Independent Director ■ Extensive experience in accounting, auditing, taxation, corporate secretarial and administration in the United Kingdom & Mauritius. ■Previously she has worked with Ascough Ward Chartered Accountants, Kingston Marks Chartered Certified Accountants and Deloitte & Touche across various sectors 12

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