Equity Funding and Strategic Update

The Solar Advantage in India Azure's solar plants have high availability Seasonal Energy Curve India-Demand Summer Monsoon Peak Low Solar-Generation Peak Low India's 100GW Solar Capacity Addition Roadmap 100GW Solar Target 4 CAGR: 43% 34 100 2015 Dec'2019 2022E 3.8 3.9 Other advantages Electricity Usage per Capita (MWh) 12.8 I US: ~14x > India! China: ~5x > India ! 4.3 Azure Power ~100 mn people without direct power source 0.9 USA China India Significant need for new electricity supply Solar was 5 Strong Government and policy support 54% of all new FY19 capacity additions Tariff (US$/kWh) Irradiation (kWh/m2) 5.1 4.8 4.7 4.2 3.8 Significant amount of solar resource 2 3 750 750GW of solar potential in India India Spain US Australia Italy Solar is 8% of India's Installed Capacity Thermal 63% Nuclear 2% Other Renewable 4% O Hydro 13% Wind 10% Solar 8% Solar is the cheapest source of electricity Significant untapped potential (GW) 34 Solar Wind Coal Spot electricity price Gas Diesel ■Potential Source: Central Electricity Authority (CEA), MNRE, World Bank, Reuters, Deloitte Industry Report; Solar and Wind tariffs are average for last 12 months Exchange rate- INR71.45 to US$1 (New York buying rate of Dec 31, 2019) Installed Capacity (Dec-19) 17

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