Recent 4 GW Project Win Is Value Accretive slide image

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, 7
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