About Company
Our mission is to be the lowest-cost power producer in the world. We sell solar power in India on long-term fixed price contracts to our customers, at prices which in many cases are at or below prevailing alternatives for these customers. Since inception, we have achieved a substantial reduction in total solar project cost, which includes a significant decrease in balance of systems costs due in part to our value engineering, design and procurement efforts.
SOLAR Delivered
We developed India's first utility scale solar power project in 2009. Since then, we lowered levelized cost of energy through value engineering, operational research and efficient financial strategy to deliver cost-efficient energy for our customers. Our electricity prices are insulated from the volatility of commodity prices. We also guarantee the electricity production of our solar power plants to our customers.
MARKET LEADERSHIP We have a first mover advantage from the construction of India's first private utility scale solar photovoltaic power plant in 2009 as well as the implementation of the first megawatt scale rooftop smart city initiative in 2013. Additionally, our strong track record in policy and project development across utility scale, commercial rooftop and micro-grids projects has helped us gain a leading market share in India.
RELIABLE AND SCALABLE As the first developer and operator of utility scale solar assets in India, we believe that we are a well-established brand that has grown alongside the rapidly growing Indian solar market since 2009. We have proven to be a reliable developer with successful and expedient execution of our development pipeline. We believe we have become one of the largest solar developers and operators in India.
IN-HOUSE EPC AND O&M EXPERTISE Our in-house EPC capabilities enhance our ability to be flexible with our choice of technology, which allows us to choose high quality equipment while optimizing the combination of total solar project cost and yield. Our in-house O&M capabilities maximize project yield and performance through proprietary system monitoring and adjustments. With the continual innovation in our EPC and O&M capabilities, we are able to offer cost-efficient solutions to all our customers.
SUPERIOR TECHNICAL AND EXECUTION CAPABILITIES We have developed proprietary systems that significantly reduce the time it takes to design, finance, commission, operate and maintain projects. Our lean and efficient execution expertise facilitates completion of our plants ahead of contracted completion dates, enables us to easily scale our operations without significant increases to headcount, and allows us to construct several projects in parallel without compromising on efficiency.
LONG TERM COMMUNITY SUPPORT We partner with local communities when we embark on a new project. We hire from local communities and generally lease land that has few alternative uses, providing local communities with a stream of discretionary cash flow without displacing alternative businesses. As a result we are able to build long term community relationships, which allows us to improve our time of completion. Economic development also drives local power demand.
STRONG MANAGEMENT Our strong management team has proven execution capabilities globally. Our senior leadership team and board of directors include widely recognized experts in solar energy, energy finance and public policy, with track records of building successful businesses.
The Facts
- Company founded by Inderpreet Wadhwa in 2008
- Installed India’s first private Utility scale solar project in 2009
- Installed India’s first distributed MW scale solar rooftop project in 2013
- Portfolio of over 3 GWs under various stages across 24 states1
- 200+ MW Rooftop portfolio across 24 states1
- First power company out of India to list on the US stock exchange
- Issued India’s first Solar green bond
1As on September 30th 2019. Includes union territories.
Leadership
Our senior leadership team and board of directors include widely recognized experts in solar energy, energy finance and public policy, with track records of building successful businesses.
Board of Directors
Management Team
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RANJIT GUPTA
CHIEF EXECUTIVE OFFICER
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MURALI SUBRAMANIAN
PRESIDENT
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H. S. WADHWA
DIRECTOR AND CHIEF OPERATING OFFICER
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PREET SANDHU
HEAD - INFRA
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PAWAN KUMAR AGRAWAL
CHIEF FINANCIAL OFFICER
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NATHAN JUDGE
HEAD - INVESTOR RELATIONS
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SHANKAR KUMAR
HEAD - OPERATIONS & MAINTENANCE AND IT
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GAURANG SETHI
HEAD - BIDDING
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SAMITLA SUBBA
HEAD - POLICY AND COMMUNICATIONS
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Mili Saxena
HEAD - HUMAN RESOURCE
Executive Bios

RANJIT GUPTA
Ranjit has extensive experience in Renewable Energy, Thermal Power and the O&G industry with specialities in Project Management, Business Development, Bidding, and Project Finance.
Prior to Azure Power, Ranjit co-founded and served as the Chief Executive Officer of Ostro Energy where he spearheaded growth through a prudent renewable energy auction strategy entailing an equity investment of $280 million and a debt of about $900 million to build a 1100 MW renewables platform. Prior to Ostro, Ranjit co-founded Orange Renewable where he steered the capital raise of $65 mn equity and executed RE projects of 180 MW on BOO basis and developed a pipeline for another 350 MW. He has also served as founding CEO of Indiabulls Power, leading construction of over 5000 MW of Thermal Power projects. Prior to his, Ranjit worked at Schlumberger for 12 years in various field and management positions across various geographies.
Ranjit holds a Bachelor’s in Mechanical Engineering from Indian Institute of Technology, Mumbai.

MURALI SUBRAMANIAN
Murali comes with leadership experience in both structured and entrepreneurial environments in managing operations and building businesses in Energy, Power, Renewables and Infrastructure space.
Prior to Azure Power, Murali, co-founded and served as Chief Operating Officer (COO) of Ostro Energy and oversaw the deployment of $280 mn equity capital raised from global PE Actis for the development and execution of 1100 MW renewable energy capacity. Prior to Ostro, Murali also co-founded Orange Renewable where he steered the enterprise from start-up stage into a profitable company, together with developing and executing projects of 180 MW capacity on Build-Own-Operate basis. Earlier, Murali worked with Indiabulls Power as COO where he executed the Group’s vision and strategy to become a serious IPP in the Power sector. Prior to this, Murali worked in Schlumberger in various field and management positions.
Murali holds a Bachelor’s in Electrical Engineering from Indian Institute of Technology, Mumbai and a Master’s degree in Business Administration from INSEAD, Fontainebleau, France.

H. S. WADHWA
Harkanwal Singh Wadhwa heads the utilities business unit of the organization and focuses on project development and the internal operations of the company. Prior to joining Azure Power, Mr. Wadhwa served as Chairman and Managing Director of National Insurance Limited. He has over 40 years of experience in the financial services industry in India. He has served on the boards of General Insurance Corporation of India, India International Insurance Private Limited-Singapore, Loss Prevention Association of India Limited and several other companies. He has extensive experience with the regulatory framework in India.

ARNO HARRIS
Arno Harris founded Recurrent Energy, one of North America’s largest solar project developers, in 2006. He is a former founder and CEO of Prevalent Power, Inc. and played a key role in starting various companies including RedEnvelope, WineShopper.com and Novo Media Group, Inc. Mr Harris serves as a board member of Advanced Energy Economy Institute, board member emeritus and former board chair of the Solar Energy Industry Association. Mr Harris chairs the Leadership Council of Tipping Point, a grant-making organization dedicated to making poverty preventable and serves as an appointee to the Proposition 39 Citizens Oversight Board. Mr. Harris is a graduate of UC Berkeley.

RAJENDRA PRASAD SINGH
Dr. R.P. Singh is the former Chairman and Managing Director of Power Grid Corporation, a Government of India Enterprise and India’s largest electric transmission utility. He is known for his contributions in the Indian Power Sector particularly the establishment of the national power transmission grid and modern load dispatch centers. He was responsible for restoration and normalization during various natural calamity emergencies in India. He is the recipient of many national and international awards including from the World Bank, Electric Power Research Institute (EPRI, USA), and the SCOPE Excellence Award. Dr. Singh is also a member of the board of directors of a number of top corporates in India. He is a respected author and has published two books. He holds a Post-Graduation degree in Mechanical Engineering from Banaras Hindu University (BHU). In recognition of his contributions, he was conferred with the Degree of Doctor of Science (Honoris Causa) by BHU in 2007.

SANJEEV AGGARWAL
Sanjeev Aggarwal is a co-founder of Helion Venture Partners and has served on the boards of Amba Research, MakeMyTrip Limited and UnitedLex Corporation. He is currently on the boards of IndiaHomes, Eye-Q Vision Private Limited, Clues Networks Inc. and Big Basket. Prior to Helion Venture Partners, Mr. Aggarwal was the founder and chief executive officer of Daksh. Earlier, he worked for 15 years with leading technology companies serving the domestic Indian market. Mr. Aggarwal led the strategic initiatives at Motorola India and has worked with Digital Equipment Corporation in delivering technology solutions. He has also served as the chief executive officer of 3COM India.

BARNEY RUSH
Since 2013, Barney S. Rush has served on the board of ISO – New England, the electric grid and wholesale market operator for six U.S. states. Since November 2015, Mr Rush has also been the Senior Representative of Fieldstone Africa, an investment bank raising capital for power projects in Africa. From July 2010 to December 2013, he served as an Operating Partner at Denham Capital Management, L.P., and from July 2003 to November 2009, he served as the CEO of H2Gen Innovations, Inc., a venture capital backed start-up which developed and manufactured skid-mounted hydrogen generators. In addition, Mr. Rush was Group CEO of Mirant Europe from August 1999 to May 2002, and Chairman of the Supervisory Board of Bewag, the electric utility serving Berlin, Germany, from December 1997 to March 2002. Mr. Rush holds a Bachelor’s degree in Social Studies from Harvard College and a Master’s degree in Public Affairs from Woodrow Wilson School of Princeton University.

CYRIL CABANES
Cyril Cabanes is the Vice-President, Head of Infrastructure Transactions, Asia-Pacific at Caisse de dépôt et placement du Québec (CDPQ). He has over 19 years of experience across all facets of infrastructure transactions including acquisitions, financing and fundraising. This includes his term at Marubeni Corp., where he led the Asian IPP investment team in Singapore. Previously, Cyril was Director and Portfolio Manager at Deutsche Bank, where he was responsible for acquisitions, capital raising and product development for Asia-Pacific. Prior to that, Cyril spent 10 years in investment banking and financial markets with RBS, BNP Paribas and UBS. Cyril holds a Masters from ESCP-Europe and an MBA from Drexel University.

DEEPAK MALHOTRA
Deepak Malhotra is Director, Infrastructure, South Asia at Caisse de dépôt et placement du Québec (CDPQ). He has over 18 years of experience across all facets of infrastructure. Before joining CDPQ in 2018, Mr. Malhotra worked with International Finance Corporation (IFC), World Bank Group, where he led many debt and equity investments in the infrastructure sector. Prior to IFC, Mr. Malhotra worked with one of the leading credit rating agencies in India and in the Merchant Navy. Mr. Malhotra holds a Bachelors Degree from Delhi University and an MBA from Vanderbilt University.

PREET SANDHU
Leads Technology, Design, Engineering, Procurement, Construction, Regulatory, Quality and Safety Health & Environment (SHES) functions at Azure Power.
Preet has experience of working in civil construction and project development in regulated sectors in India with expertise in transportation, energy and land development. Under his leadership at Azure Power, over 1,000 MWs of solar PV plants have been constructed and several MWs are under development.
Preet holds a Bachelor’s degree in Arts from Guru Nanak Dev University.

PAWAN KUMAR AGRAWAL
Pawan has experience in corporate and structured finance, portfolio monitoring, financial analysis, credit rating, business development and relationship management in the infrastructure sector with special focus on renewable energy. Previously, he was the Chief Investment Officer of Azure Power and overlooked the capital and investment portfolios for the company. Prior to Azure Power, Pawan has served as Group President II & Dy. Head – Corporate Finance Infrastructure Banking and National Head Renewable Energy at YES Bank. Pawan was instrumental in issuance of India’s first Green Bond as well as India’s first IIFCL/ADB braced Partial Credit Enhanced Bond in Indian Solar Sector. Pawan has also worked with CRISIL, Indian-Oil and Ernst & Young.
Pawan is a Rankholder Chartered Accountant and Cost Accountant. He holds a Master’s degree in Business Administration from Faculty of Management Studies, Delhi University, and has also cleared all 3 levels of Chartered Financial Analyst (CFA, USA).

NATHAN JUDGE
Nathan has experience working in the financial industry across sectors including alternative energy, utilities and MLPs/pipelines. Prior to Azure Power, Nathan has served as senior sell side analyst with several firms including Goldman Sachs, Lehman Brothers, Janney Montgomery Scott and Atlantic Equities and was ranked as the #1 analyst in Europe over many years for his analysis and stock picking. He has also served as an adviser to many S&P 500 companies about investor relations, strategy, and capital raising.
Nathan is a Chartered Financial Analyst (CFA). He also holds a Bachelor’s degree in Accounting and Finance from Texas Christian University.

SHANKAR KUMAR
Shankar has experience in operations, maintenance and design of solar PV plants. Under his leadership at Azure Power, more than 1,000 MWs of solar PV power plants have been operating with innovative designs. These plants operate near real time under the patent National Operating Control Center. Previously, Shankar has also headed the design and engineering team at Azure Power.
Shankar holds a Bachelor’s degree in Electrical and Electronics Engineering from Manipal Institute of Technology (Sikkim).

GAURANG SETHI
Gaurang has cross functional experience across the power & renewables sector, which covers bidding strategy, sustainability and energy markets. Under his leadership at Azure Power, the company’s portfolio has grown by over 2,500 MWs. Prior to joining Azure Power, Gaurang has worked with Vestas Wind India, Caterpillar Inc., and other clean energy startups.
Gaurang holds a Bachelor’s degree in Mechanical Engineering from Vellore Institute of Technology. He also holds Master’s degree in Business Administration with a specialization in Finance & Strategy and another Master’s degree in Energy & Sustainability, from University of Michigan, Ann Arbor.

SAMITLA SUBBA
Samitla has experience in marketing strategy, public relations and communications. She has been a key member in taking the company to its initial public offering on NYSE in 2016 and in building relationships with the company’s key stakeholders including investors, customers and media. Prior to Azure Power, Samilta worked with Northern Trust as Financial Analyst.
Samitla holds a Bachelor’s degree from Bangalore University and a Master’s degree in Business Administration with a specialization in Marketing from Indian Institute of Management, Lucknow.

Mili Saxena
Mili comes with a rich experience in handling various HR roles across industry segments viz. IT, ITES and Airports (Infrastructure). She has led the talent, diversity and organization development at GMR Corporate. She was a significant enabler in delivering business vision at GMR Airports Ltd and embedded performance culture at Delhi International Airport Ltd. She led talent acquisition, employee relations, compensation and benefits at Keane India Ltd, Jobsahead.com and Systems America India Ltd.
Mili holds a Master’s degree in Business Administration in Human Resources and Marketing from MDS University, Ajmer and BA English (Hons.) From Delhi University. She has undergone Management Development Program on Emerging Leadership Program sponsored by GMR.
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Azure Power signs 1000 MW solar power project MOU with Rajasthan | news | 21 Dec,2014 |
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Sukhbir, Majithia inaugurate solar power plant worth Rs 350 crore | news | 01 Nov,2014 |
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Government moots 10,000 MW solar park | news | 13 Jul,2013 | |
Azure Power founder Inderpreet Wadhwa talks about his company’s success | news | 18 Jun,2013 | |
Azure, Solairedirect Win Solar Licenses in India Auction | news | 14 Jun,2013 | |
Rays of Hope: Rooftop solar panels a new hit in states | news | 10 Jun,2013 | |
1.3 MW solar plant on old secretariat’s roof! | news | 14 May,2013 | |
Azure Power completes 40MW plant in India | news | 15 Feb,2013 |
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India Makes Push for Solar Power | news | 16 Dec,2009 | |
A new place in the sun | news | 09 Dec,2009 |
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