Azure Power Announces Exercise of Option to Purchase Additional Shares

Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced that the underwriters of its previously announced follow-on public offering of equity shares have exercised their option to purchase 115,542 additional equity shares. The option was granted in connection with the follow-on public offering of 14,800,000 equity shares at a public offering price of $12.50 per share. The exercise of the option brings the expected total net proceeds from the follow-on public offering to approximately $184.3 million after underwriting discounts and commissions but before offering expenses.

A registration statement on Form F-3 was previously filed with the U.S. Securities and Exchange Commission (“SEC”) and has been declared effective. A prospectus supplement and the accompanying base prospectus describing the terms of the Offering have been filed with the SEC. The final prospectus supplement for the Offering has been filed with the SEC. The Offering is being made only by means of the prospectus supplement and the accompanying base prospectus. Before you invest, you should read the prospectus supplement and the accompanying base prospectus and other documents that the Company has filed with the SEC for more complete information about the Company and the Offering. You may obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, a copy of the prospectus supplement and the accompanying base prospectus may be obtained from Credit Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: [phone], or e-mail: [e-mail]; Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: [phone], or email: [e-mail]; and HSBC Securities (USA) Inc., Attention: Prospectus Department, 452 Fifth Avenue, New York, NY 10018, telephone: [phone], or e-mail: [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release contains information about the pending Offering of the Company’s equity shares, and there can be no assurance that the Offering will be completed.