Home Energy assets Azure Power announces delay in filing Form 20-F

Azure Power announces delay in filing Form 20-F

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NEW DELHI, August 12, 2022 /PRNewswire/ — Azure Power (NYSE: AZRE) (“Azure” or “the Company”), a leading provider of sustainable energy solutions and producer of renewable energy in Indiaannounced that it would not be able to file its annual report on Form 20-F for the year ended March 31, 2022 (the “2022 Form 20-F”) with the United States Securities and Exchange Commission (the “SEC”) by August 16, 2022as extended from the original maturity date of August 1, 2022pursuant to Form 12b-25 filed with the SEC on August 1, 2022.

The delay in filing Form 20-F 2022 is due to the company’s ongoing review of its internal control and compliance framework. These files are progressing with the help of the Company’s advisors. The Company is making every effort to file its 2022 Form 20-F as soon as possible. The Company does not expect the delay in filing its 2022 Form 20-F to impact its ongoing renewable energy business activities.

Azure’s new leadership, backed by the board, will improve the company’s processes going forward.

About Azure Power

Azure is a leading independent provider of sustainable energy solutions and a power producer in India is on a mission to create value for all stakeholders through high performance renewable energy assets. Azure developed india first large-scale solar project in 2009 and since then Azure has grown rapidly to become a leader in the development and operation of large-scale renewable energy projects in the country. Azure also partners with commercial and industrial customers on their decarbonization journey by providing comprehensive solutions for their clean energy needs.

For more information on Azure, visit: www.azurepower.com

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements regarding the future financial and operating directions of the Company, operating and financial results such as estimates of remaining nominal contractual payments and portfolio execution rate, as well as assumptions related to the calculation of the aforementioned measures. Risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in commercial and retail prices of electricity generated by traditional utilities; changes in the rates at which long-term PPAs are entered into; changes in policies and regulations, including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; reduction; the availability of solar panels and other raw materials; its limited operating history, particularly as a new public company; its ability to attract and retain relationships with third parties, including its solar partners; its ability to meet the covenants of its credit facilities; weather and other risks identified in registration statements and reports that the Company files from time to time with the SEC. All forward-looking statements contained in this press release are based on information available to us as of the date hereof, and the Company undertakes no obligation to update such forward-looking statements.

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SOURCEAzure Power