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Investor Presentation

Azure Power Investment Highlights Azure Power represents a unique opportunity within the high-growth Indian solar market ✓ Azure's highly scalable model and superior execution has led to an increase in our implied market share (1) to ~14% ✓ ~1.6 GW portfolio offers revenue growth of 108%(1) ✓ Locked- in contracts to deliver US$115mn of incremental revenue growth (1) ✓ Operating project CAGR of 99% since March 31, 2012 through January 31, 2018 (2) ✓ Azure's integrated business model and access to low cost of capital delivers 20+ % equity returns Note: All USD tariff rates are based on illustrative 63.83 INR/USD exchange rate. 1. Incremental share% calculated as Azure Incremental capacity Won/tendered Capacity participated from Mar'16-Jan'18 (1) Excludes 260 MWs of recently won capacity 2) excludes recently announced completions 10 | Copyright © 2018 Azure Power | www.azurepower.com Azure PowerⓇ
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