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Investor Presentation

Azure Power: A Unique Opportunity Azure represents a unique opportunity to invest in a leading solar power company in India with a track record of execution and high growth 菇 Integrated Business Model Strong Track Record Ability To Win 1,002(2) Operating MW CAGR: 102% 17 Mar '12 18-May A Market Leading Business Today 14% An industry leader with ~1.9 GW portfolio 25 year, fixed price PPAs with high-quality counterparties Mar '16 Jan '18 Azure Implied Market Share (1) Strong access to capital; Listed on NYSE and issued $500 mn (coupon 5.5%) solar green bond in Aug 2017 ✓ Founded in 2008 and developed India's first utility scale solar project in 2009 Note: All capacities are in MW. 1. Implied share % calculated as Azure Incremental Capacity Won / Tendered Capacity participated.2. Includes recently announced wins 4 | Copyright © 2018 Azure Power | www.azurepower.com Azure PowerⓇ
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