Recent 4 GW Project Win Is Value Accretive

Experienced Board Backed by Long Term Marquee Shareholders Caisse de dépôt et placement du Québec • Increased stake in Azure Power to c.50.9% through multiple rounds & open market purchase ⚫ 2nd largest Canadian pension fund (Rated AAA) • US $310 bn assets, of which over c. US$ 4.5bn invested in India • Long term institutional investor: Investments in infrastructure globally of c.US$ 23bn of which c.53% in Energy IFC International Finance Corporation WORLD BANK GROUP IFC Global Infrastructure Fund • Made its first investment in company in 2010 and increased stake through multiple rounds with current holding of c.24.5% • Arm of World Bank and largest global development institution • US$27bn+ investment since 2007 in Infra & Natural Resources Long term institutional investor: Leading global investor in emerging market renewable power with c.US$6.1 billion invested Azure Power Barney Rush Chairman and Independent Director ■Serves on the board of ISO-New England, the electric grid and wholesale market operator for six U.S. states ■Served as Group CEO of Mirant Europe and Chairman of the Supervisory Board of Bewag serving utility in Germany Ranjit Gupta Chief Executive Officer and Director ■ Extensive experience in Renewable Energy, Thermal Power and the O&G industry ■ Co-founded and served as the Chief Executive Officer of Ostro Energy Sanjeev Aggarwal Non-Executive Director ■ Co-Founder of Helion Venture Partners and IBM Daksh Business Process Services ■Served as a Director of ShopClues, Amba Investment Services, Mindworks Global Media Services, Global Talent Track and 9.9 Mediaworx Arno Harris Independent Director ■ Former founder and CEO of Recurrent Energy and Prevalent Power ■Serves as a board member emeritus and former board chair of the Solar Energy Industry Association Khalid Peyrye Independent Director ■ Heads the Corporate Secretarial and Administrative cluster of AAA Global Services ■ Previously was a Money Laundering and Compliance officer for a leading financial services company Cyril Cabanes Non-Executive Director ■ Vice President, Head of Infrastructure Transactions, Asia-Pacific at CDPQ ■20+ years of experience across all facets of infrastructure transactions including acquisitions, financing and fundraising Deepak Malhotra Non Executive Director ■Director, Infrastructure, South Asia at CDPQ 18+ years of experience in infrastructure financing. He previously worked at International Finance Corporation, World Bank, at a leading credit agency in India and in the Merchant Navy Dr. R.P. Singh Independent Director Former CMD of Power Grid Corporation ■Known for his contribution to the power sector in generation, transmission, policy and grid infrastructure and recipient of awards from World Bank, Electric Power Research Institute, USA and SCOPE Excellence Award. Yung Oy Pin (Jane) Lun Leung Independent Director Extensive experience in accounting, auditing, taxation, corporate secretarial and administration in the United Kingdom & Mauritius. ■ Previously she has worked with Ascough Ward Chartered Accountants, Kingston Marks Chartered Certified Accountants and Deloitte & Touche across various sectors 14

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