Azure Power is an Indian renewable energy company that develops, constructs, owns, and operates utility-scale solar power projects across India. The company sells the electricity it generates to central and state government utilities and other commercial customers under long-term power purchase agreements (PPAs).
| Industry | Renewable energy (solar power) |
|---|---|
| Type | Independent power producer |
| Country of operation | India |
| Headquarters | New Delhi, India |
| Primary business | Development and operation of utility-scale solar projects |
| Customers | Central and state government distribution utilities, commercial off-takers |
Azure Power was founded with the objective of supplying low-cost solar electricity in India. It was among the early independent power producers to enter the Indian utility-scale solar market, when grid-connected solar generation was still nascent in the country. The company has since participated in competitive auctions held by central agencies such as the Solar Energy Corporation of India (SECI) and by various state-level utilities, building a portfolio of solar projects spread across multiple Indian states.
The company's operating model is centred on building and owning solar photovoltaic plants, which sell electricity under long-term contracts, typically of 25 years. Its portfolio includes:
Azure Power became publicly listed on the New York Stock Exchange (NYSE), making it one of the Indian renewable energy companies to access international capital markets directly. It has used the listing and subsequent debt issuances to fund the expansion of its solar capacity.
Azure Power is part of the broader expansion of solar capacity in India, which is central to the country's targets for renewable energy under commitments made through the Ministry of New and Renewable Energy and international climate frameworks. As an independent power producer, the company has contributed to the buildout of grid-scale solar generation and to the development of competitive tariff-based procurement of solar electricity in India.