Investor Presentation

The Solar Advantage in India Azure's solar plants have high availability Seasonal Energy Curve Summer Monsoon India-Demand Peak Low Solar-Generation Peak Low India's 450GW Renewable Energy Capacity Addition Roadmap CAGR: 32% 450 100 38 4 2015 Dec'2020 2022E 2030E Electricity Usage per Capita (MWh) 13.1 US: 13x India China: ~5x > India 4.9 1.0 USA China India 6 Other advantages Significant need for new electricity supply Strong Government Installed Solar grew 5 and policy support -60% annually for past 5 yrs Significant amount of solar resource 2 Solar is the cheapest Significant untapped source of potential electricity 4 3 Tariff (US$/kWh) 750GW of solar potential in India 750 Azure PowerⓇ ~100 mn people without direct power source Irradiation (kWh/m2) 5.1 4.8 4.7 4.2 3.8 India Spain US Australia Italy Solar is 8% of India's Installed Capacity Hydro 13% Thermal 63% Nuclear 2% Other Renewable 4% O Wind 10% Solar 8% US Cents/kWh 2.8 3.5 Solar Spot Wind electricity Coal Gas Diesel price (GW) ■Potential 38 ■Installed Capacity (Dec-20) Source: Central Electricity Authority (CEA), MNRE, World Bank, Statista Reuters, Deloitte Industry Report; Solar and Wind tariffs are L! of SECI auctions over last 12 months: Coal, Gas, Diesel tariffs are from Lazard LCOE Study Nov 2019 Exchange rate- INR73.01 to US$1 (New York buying rate of Dec 30, 2020) 15

View entire presentation