News release Azure Power

CDPQ increases its stake in Azure Power

Infrastructure New Delhi and Montreal,
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CDPQ is now the majority shareholder with a stake of 50.9%

Azure Power Global Limited (NYSE: AZRE), a leading independent solar power developer in India, announced that Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, acquired an additional 717,701 shares from a shareholder of AZRE. After acquiring the additional shares, CDPQ is the direct owner of 24,259,272 shares of AZRE, which represent 50.9% of the outstanding shares of Azure Power Global Limited.

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Speaking on this occasion, Mr. Ranjit Gupta, Chief Executive Officer, Azure Power said, “This new investment by CDPQ is a recognition of Azure Power’s leading solar development platform in India. By having a majority shareholder with a long-term approach and a AAA credit rating, we will have better access to external capital further improving our future growth.”

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“This additional investment represents a new chapter in our partnership with Azure Power,” added Mr. Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “We have built a relationship over the years, deepening our understanding of every aspect of Azure Power: its assets, its operations and its people. We are excited to continue supporting them for the next phase of their growth in the promising Indian solar energy sector.”

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ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2019, it held CA$340.1 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

ABOUT AZURE POWER

Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-India portfolio of over 7 GWs. With its in-house engineering, procurement and construction expertise and advanced inhouse operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes since its inception in 2008. For more information, visit: www.azurepower.com.

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