Azure Power Provides an Update on 4 GW Tender

Purplish blue Power keeps on pursuing marking PPAs for the 4 GW producing connected delicate for which a Letter of Award ("LOA") has just been gotten. The Solar Energy Corporation of India ("SECI") has educated us that so far there has not been satisfactory reaction from the state power conveyance organizations ("DISCOMs") for SECI to have the option to sign the PSAs at this stage despite the fact that we have a LOA. SECI has referenced that they will be not able to sign PPAs until PSAs have been marked, and they have resolved to advise Azure Power regarding improvements in their endeavors with the DISCOMS. Capital costs, loan fees and unfamiliar trade rates have improved since Azure Power won the 4 GW sell off a year back which have brought about lower duties in other ongoing SECI barters. We expect these investment funds probably will be given to state power dispersion organizations (DISCOMS). We expect a tax markdown from the cost found in the sale, which will encourage marking of PSAs. We will proceed with our conversations with SECI towards marking PPAs in regard of the 4GW delicate and anticipate that the PPAs should be endorsed in tranches throughout some undefined time frame. We will proceed with our approach to just interpretation of agreements that make investor esteem and acquire restores that are over our expense of capital.

Sky blue Power (NYSE: AZRE) is a main free sun based force maker with a skillet India arrangement of 7.1 gigawatts on September 30, 2020 of which 1.8 GWs is operational, 1.3 GWs are under development and 4.0 GWs have gotten a Letter of Award yet for which PPAs still can't seem to be agreed upon. Sky blue Power built up India's first private utility scale sunlight based undertaking in 2009 and has been at the cutting edge in the area as an engineer and administrator of sun oriented tasks since its initiation in 2008. With its in-house designing, obtainment and development skill and progressed in-house activities and upkeep capacity, Azure Power deals with the whole turn of events and activity measure, giving ease sun oriented force answers for clients all through India.

This public statement contains forward-glimpsing articulations inside the importance of Section 21E of the Securities Exchange Act of 1934, as revised and the Private Securities Litigation Reform Act of 1995, including proclamations with respect to the Company's future monetary and working direction, operational and monetary outcomes, for example, evaluations of ostensible contracted installments remaining and portfolio run rate, and the suppositions identified with the count of the prior measurements. The dangers and vulnerabilities that could make the Company's outcomes contrast substantially from those communicated or suggested by such forward-looking proclamations include: the accessibility of extra financing on satisfactory standing; changes in the business and retail costs of customary utility produced power; changes in duties at which long haul PPAs are gone into; changes in strategies and guidelines including net metering and interconnection cutoff points or covers; the accessibility of refunds, tax reductions and different motivators; the accessibility of sun based boards and other crude materials; its restricted working history, especially as another public organization; its capacity to draw in and hold its associations with outsiders, including its sunlight based accomplices; its capacity to meet the contracts in its obligation offices; meteorological conditions issues identified with the Covid; supply disturbances; power decreases by Indian state power specialists and such different dangers recognized in the enrollment articulations and reports that the Company has documented with the U.S. Protections and Exchange Commission, or SEC, occasionally. All forward-glancing proclamations in this official statement depend on data accessible to us as of the date about, and the Company accepts no commitment to refresh these forward-looking explanations.



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Greenwood Sustainable Infrastructure (GSI)-Led Joint Initiative with Ocean Man First Nation to Build One of the Largest Solar Projects in Canada

PR Newswire | January 25, 2024

Greenwood Sustainable Infrastructure LLC (GSI), one of the renewable energy subsidiaries of Libra Group, announced that Iyuhána Solar (Iyuhána), a GSI-led partnership with Saturn Power Inc. and Ocean Man First Nation, has been awarded a Power Purchase Agreement (PPA) to construct and operate a 100-megawatt (MWac) utility-scale solar facility in Saskatchewan, Canada. Developed in partnership with Ocean Man First Nation, the project will be one of Canada's top 10 solar facilities by size. Under an exclusive PPA, the largest with a utility in Canada since 2015, Iyuhána plans to invest approximately $200 million (CDN) to construct the solar facility, which it will operate, supplying generated power to the principal municipal utility company, SaskPower, for 25 years. Located in the Rural Municipality of Estevan in southeast Saskatchewan, this emissions-free solar facility will produce enough power for the equivalent of approximately 25,000 homes. "We are proud to bring the transformative power of solar energy to Saskatchewan by working with partners such as Ocean Man First Nation," said Mazen Turk, CEO of GSI. "This unique collaboration shows the power of renewable energy to harness resources and empower communities responsibly. This work is core to our ethos as a Libra company, and we look forward to continuing to help support a clean energy future across Canada and beyond." As a founding partner, Ocean Man First Nation will have an ownership stake in Iyuhána Solar. Band members will also receive specialized training to maintain the solar facilities and employment opportunities with the project. Additionally, partnering with two of Saskatchewan's leading post-secondary academic institutions, Iyuhána will provide scholarships, internships, and direct research projects in clean energy to benefit the community. "Our partnership with GSI and SaskPower will bring great opportunities for Ocean Man First Nation, including employment and revenue that will provide stability and sustainability for our Band," said Chief Connie Big Eagle, Ocean Man First Nation. "We are proud that this project, which is able to generate clean power, will be known as Iyuhána Solar, which, in Nakotah translates to 'everyone' or 'all of us.' This is derived from our Nakotah belief that everyone and everything is related and therefore we must care for each other." While investment in renewable energy grows across Canada, Saskatchewan's clean power supply mix has predominantly consisted of hydro and wind. This is the first of many planned solar projects in the province; by 2035, SaskPower plans to support approximately 3000 MW of new renewable energy capacity in the region. "This new solar facility will play an important role in our path to net-zero by 2050 or sooner," said Rupen Pandya, SaskPower President and CEO. "We are proud of our ongoing collaboration with Indigenous peoples and the critical role they are playing in the successful expansion of renewable energy in our province." GSI is one of four renewable energy subsidiaries of Libra Group, a privately owned, global business group that encompasses 20 businesses in six sectors, including renewable energy, maritime, aerospace and more. The Group's renewable energy portfolio encompasses approximately 3.5 gigawatts (GW) of projects owned, developed, or pending development in 10 countries, including solar, wind, battery storage, and waste-to energy projects. This is the second partnership with an indigenous community led by a Libra Group subsidiary. "Libra Group is proud of this novel partnership, which has come together through shared values and a commitment to driving economic growth and positive outcomes for communities," said Libra Group's CEO Manos Kouligkas. "Sustainability is core to our global business, and we look forward to continuing to leverage synergies across our six sectors in 60 countries with agility and impact." Last year, GSI acquired Saturn Power Inc.'s solar and battery development portfolios, including its team of seasoned developers and an approximate 1.4-gigawatt (GW) pipeline of early- to late-stage solar and energy storage projects. Today, GSI has a footprint across Canada and in 12 U.S. states. About Greenwood Sustainable Infrastructure Greenwood Sustainable Infrastructure (GSI) is one of the clean energy subsidiaries of Libra Group. GSI is a renewable energy company focused on the development, construction, and operation of distributed generation and utility-scale solar energy and battery storage projects in North America. As of January 2024, the company developed approximately 388 MW DC across 71 renewable energy projects, many of which are still owned or operated by GSI and have an additional project pipeline of 1.6 GW. GSI's seasoned team has a proven track record of investing in power assets and partnering with multiple top-tiered investors. For more information on Greenwood Sustainable Infrastructure (GSI), visit: About Ocean Man First Nation The Ocean Man First Nation is a Nakota, Cree, and Saulteaux Band Government in southeast Saskatchewan. OMFN is led by Chief Connie Big Eagle & Council and features a population of 565 members. Ocean Man First Nation created a renewable energy company in 2019 called Second Wind Power. The name Second Wind Power reflects Ocean Man First Nation's history of relocating, re-establishing and starting over as a new community since 1989. About Libra Group Libra Group is a privately owned, global business group encompassing 20 businesses predominately focused on aerospace, renewable energy, maritime, real estate, hospitality, and diversified investments. With assets and operations in nearly 60 countries, the Group applies the strength of its global network and capabilities to deliver cross-sector insights and growth at scale.

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