Azure Power Investor Presentation

Market Opportunity 450 GWs of Opportunity By 2030 ~30 GWs per year Azure Power India's 450GW Renewable Energy Capacity Addition Roadmap (1) Electricity Usage per Capita (MWh) (2) Solar is the Lowest Cost Source of Power (3) CAGR: 28% 450 13.0 US: ~11x > India China: ~4x > India 4.9 INR/kWh Tariff (INR/kWh) 100 38 1.2 2.00 2.56 2.99 4 2015 Sept'2020 2022E 2030E USA China India Solar Spot Wind Coal Gas Diesel price Expect ~25 GWs of new capacity auctions in India by end of CY'21 1) Economic Times 2) CEA Report 2019, Statista - Worldwide consumption of electricity by countries Recent auctions indicate mid-teen equity returns 3) Solar is L1 of November 2020 SECI Auction: Spot Electricity Price - IEX October 2020 average: Wind - L1 2 GW SECI auction August 2020: Coal, Gas, Diesel tariffs are from Lazard LCOE Study Nov 2019 3

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