Recent 4 GW Project Win Is Value Accretive
COVID-19 Update: Azure Power As A Safe Haven
A
No Material Adverse Impacts From COVID-19
Performance Illustrates Quality and Predictability of Assets and Cash Flows
A
Strong Liquidity through at least March 31, 2021 (1)
With Superior Access to Capital and Operations, Azure Should Further Differentiate Itself to Competitors
Operating Assets
Plants remain fully operational
■ Receiving payments in
normal
course; majority of counterparties
are Central Government
■ No additional curtailment (2) despite
reduction in electricity demand given.
must run status
■ Force
majeure
notices from
customers have been denied by
Government
Under Construction
have
Plants under construction
resumed activity; of 1,290 MWs
under construction and development,
expected to be commissioned by
expected revised PPA COD
■ Do not expect to incur any penalty for
delays; our counterparties to these
plants have recognised force majeure
■ Do not see any increase in project
costs related to COVID-19; metal and
module prices have dropped recently
due to softness in global demand
■ Seeing improvement in supply chain
Azure Power
Access to Capital
■ All financing remain on track. Two
plants under construction have
financings in place; Commitment in
place for plant with Rajasthan 8 and
advanced discussion with banks for
Rajasthan 9
■ CDPQ (AAA rated) now owns 50.9%
of Azure Power Global
■Moody's credit agency upgraded both
of our Green Bonds by one notch in
March; In June, Moody's revised
outlook for RG2 (3) to negative in line.
with Moody's revision of Gov't of
India's sovereign rating
1) Even if only some of the highest debt-rated counterparties, such as Government-of-India-owned SECI, continue to make payments for electricity received. 2) only minor, normal interruptions related to supply grid 3) Azure Power Solar Energy
Pvt Ltd,
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