Equity Funding and Strategic Update

% of Revenue MWs Visible Historical and Future Growth Growing Portfolio with Strong Contracts in Place 7,800 6,500 7,115 5,115 5,200 3,900 900 3,115 2,600 1,804 111 1,300 Operational Under Under Contracted Construction Development Portfolio Committed Total Portfolio (includes LOA) Portfolio (1) 100% 90% 80% 70% 60% 50% 40% 30% Captured Significant Economies of Scale 25 20 15 110 US$ Thousand/MW/Year 20% 10% 0% 0 FY'15 IPO FY'17 Interest Expense as % of Revenue (lhs) (3) FY'18 FY'19 G&A as % of Revenue (lhs) (4) LTM O&M per MW-year (rhs) EBITDA (US$ Million) Revenues (US$ Million) Azure Power Substantial Revenue Growth to Portfolio Run-Rate (1)(2) 328% $723(1) Committed $112 $144 $169 $44 $61 IPO FY'17 FY'18 FY'19 LTM Under Construction Operating Committed Revenue. 313% Increase in Adjusted EBITDA since IPO in 2016 $140 $120 $100 $80 $60 $43 $40 $30 $20 $0 IPO FY'17 $110 $82 FY'18 $124 Exchange rate- INR71.45 to US$1 (New York buying rate of December 31, 2019) 1) Includes 2,000 MWs related to the exercise of a greenshoe option which an LOA has yet to be received, 2) Portfolio run-rate (please refer Form 6k Equals annualized payments from customers extrapolated based on the operating & contracted capacity as on January 31, 2020). 3) Excludes INR 736 mn ($10.3 mn) of charges in LTM related to a solar green bond issuance and refinancing, 4) INR 685 mn ($9.6 mn) of charges in G&A related to management transition, AR provisions and other charges. | IPO data is LTM 30 June, 2016| EBIITDA - For a reconciliation of Non-GAAP measures to comparable GAAP measures refer to appendix. FY'19 LTM

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