Investor Presentation

Incremental Revenue Growth of $115mn from Locked-In Contracts US $ Million $300 $250 $200 108% growth $150 $100 86% growth $50 $0 167% growth Committed Under Construction Operating 3Q17 LTM 3Q18 LTM Current Portfolio Revenue 5 GW Goal (in $mn) Operating Plants > 1 year Operating Plants < 1 year Run Rate Under Construction Projects Committed Projects Future New Projects 512 Operating MWs at end of period $57 Revenues 905 $106 1,591 1 $221 1 5,000 $591 2 Cash flow profile expected to grow significantly as existing committed projects come on-line 1. 2. Portfolio revenue run rate is based on the portfolio at Dec 31, 2017 of 1,591 MW and does not include recent announcements This is an illustrative example based on assumptions. Actual results may differ and the differences may be material and adverse. This is the annual figure based on net PLF of 21.77% and a weighted-average tariff rate of $0.071/kWh for the total committed portfolio of 1.6 GW. The growth from 1.6 GW to 5 GW is based on net PLF of 24.05% and a weighted-average tariff rate of $0.05/kWh, Exchange rate- INR63.83 to US$1 (New York closing rate of December, 2017). 7 | Copyright © 2018 Azure Power | www.azurepower.com Potential Market Share Azure Power

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