Azure Power Investor Presentation

4 GW Project Win Is Significantly Value Accretive Tariff ~15% higher than similar SECI central grid connected auctions we have won Opportunity for 20%+ equity IRRS Potential of around 6.0x EV/EBITDA build cost Azure Power Present Value of Equity for 4 GW Win (2) PV of Equity Value (USD Mn) $1,000 $800 $600 $400 $200 10.0% 12.5% 15.0% Cost of Equity ■9% Interest Rate 10% Interest Rate 11% Interest Rate Project Cost 59 63/Watt Net PLF Overloading 50% Tariff Opex 8% of Revenue Initially Key Assumptions for 4 GWS 28.9% 29.3% Leverage 75% 3.9 ¢/ kWh Interest Rate 9.25 10.25% Degradation 0.60% Potential Upside Opportunities to reduce O&M given benefits of scale and technology Potential use of bi-facial modules could increase PLF Green bond financing could reduce lending costs and reduce equity requirements improving returns Further reduction in module prices and BOS reflecting buying power and gains in productivity Exchange rate- INR 73.54 to US$1 (New York closing rate of September 30, 2020), 1) PV Insights, Mercom, 2) As of September 30, 2020 10 US$/ Watt Loan Tenor 20-22 Years Module prices have a long history of declines (1) $0.40 $0.30 $0.20 $0.10 $0.00 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20

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