Recent 4 GW Project Win Is Value Accretive

Cash Flow to Equity (CFe) for Operating Assets: FY'20 vs FY'19 15% growth in CFe from Operating Assets in FY'20 vs FY'19 100 g g 90 80 70 30 30 In US$ Millions 40 40 50 50 60 60 20 20 10 10 $37.3 $40.2 ($4.2 ) ($32.9) $43.0 $2.5 0 FY'19 CFe from Operating Assets Additional Revenue Higher Cash Operating Expenses (O&M, G&A) Higher Cash Interest Lower Debt Amortization Exchange rate- INR 75.39 to US$1 (New York closing rate of March 31, 2018) | For a reconciliation of CFe from Operating Assets, refer to the Appendix 21|Copyright © 2020 Azure Power |www.azurepower.com FY'20 CFe from Operating Assets ® Azure PowerⓇ

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