Investor Presentation Disclaimer Forward-Looking Statements This information contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding our future financial and operating guidance, operational and financial results such as estimates of nominal contracted payments remaining and portfolio run rate, and the assumptions related to the calculation of the foregoing metrics. The risks and uncertainties that could cause our 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 the commercial and retail prices of traditional utility generated electricity; changes in tariffs 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; the availability of solar panels and other raw materials; our limited operating history, particularly as a new public company; our ability to attract and retain our relationships with third parties, including our solar partners; our ability to meet the covenants in debt facilities; meteorological conditions and such other risks identified in the registration statements and reports that we have file with the U.S. Securities and Exchange Commission, or SEC, from time to time. In the presentation, portfolio represents the aggregate megawatts capacity of solar power plants pursuant to PPAs, signed or allotted or where we have been cleared as one of the winning bidders or won a reverse auction but has yet to receive a letter of allotment. All forward-looking statements in this presentation are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements. This presentation also contains non-GAAP financial measures. We have provided a reconciliation of such non-GAAP financial measures to the most directly comparable measures prepared in accordance with U.S. GAAP in the Appendix to this presentation. Executive Summary 2 3 New Management Commitment to Capital Discipline Financial discipline is the foundation of our success 1 Delivery of current pipeline on time and on budget 2 Enhance returns on invested capital with efficiency gains and cost optimisation 3 Optimize capital structure to lower risk and cost of capital 4 Risk mitigated approach to new projects that must meet threshold returns 5 If returns on future growth do not meet thresholds, will explore giving back capital Azure Power Overview (AZRE: NYSE) A Leading Pan Indian Solar Power Developer Portfolio of 3,351 MWs(1): 1,789 MWs Operational(1), 1,562 MW Contracted Pipeline(2) 3,148 MWs 203MWs Utility-Scale Projects Azure Roof Power Founded in 2008, built India’s first private utility-scale solar project in 2009 • FullyFounded integrated in 2008, business built from India’s development first private to EPC utility-scale , Asset financing solar & project management in 2009 • OperationalFully integrated MW growth business of 87% from CAGR development from March to2012 EPC , Asset financing • 80%Operational of the total MW portfolio growth is investment of 90% gradeCAGR from March 2012 • 75% contracted pipeline with A to AAA domestic debt rated offtakes Gandhinagar | India’ First MW Scale Distributed Solar Rooftop Project Total capital raised US$2.4 billion since inception • FirstTotal Indian Capital energy raised assets ~US$ to list 2.8in NYSE, billion United States • Firston Solar Green Bond out of India listed on SGX Awan |Punjab |India’s First Private MW scale Solar Plant • Second Solar Green Bond just issued * Map not to scale • a (1) Portfolio as on June 30, 2019 (Operational portfolio as on September 6, 2019) (2) Under construction and allocated projects (3) Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019) 5 Total 3,351 MW Portfolio Capacity(1), With 83% Portfolio in High Irradiation Zone ~83% in High Irradiation Zone(2) ~14%(2) in Mid Irradiation Zone Focus is on Strong Counterparty Credit Punjab 214 MW BBB- to BBB+ Rajasthan A to AAA 3% 475 MW Uttar Pradesh 80% of the portfolio is 100 MW 77% 1,200 MW Investment Grade Bihar Gujarat Others 10 MW 20% 270 MW Chhattisgarh Andhra Pradesh 30 MW 200 MW Telangana Maharashtra 100 MW 7 MW 200 MW Karnataka Other State SECI Electricity Boards 250 MW Delhi (2 MW) 40% 30% ~70% of the portfolio is 2 MW (4) with GoI (sovereign) Rooftop projects (203MW) Assam (90 MW) 131 MW 90 MW backed entities and 72 MW Gujarat SEB Irradiation Zones(3)(`kWh/m2/day) High >5.5 Gujarat SEB Operational Solar Capacity Indian Railways Mid Between 5.5-4.5 8% Mid Low 4.5-3.5 Under Construction & Committed Solar Capacity & GoI Entities 3% NTPC Projects operating with longest operating history amongst renewable IPPs 18% Repeat business targeted in various states subsequent to experience achieved * Map not to scale (1) Portfolio as on June 30, 2019 (Operational portfolio as on September 6, 2019) (2) For ground mount project (3) National Renewable Energy Laboratory 6 Azure’s Integrated Approach Lowers Risk and Enhances Project Returns • Attractive And Sustainably High IRRs(1) with ~1.8 GW(2) Operational Portfolio spread across 24 states • One of the Largest Solar Portfolio with Tariffs Higher than Lowest Bids in the Market Returns Development Construction Operations ~1.8 GW (2) operational portfolio, one of the largest in the Strong track record of securing land Value engineering, design and procurement expertise complemented by strong supplier relationships India solar industry 12,000+ acres of total land developed Achieved an 86% BOS cost decline since inception In-house expertise maximizes project yield and performance 1.3 GW ISTS connectivity approvals ahead of schedule through proprietary system maintaining high DC PLF High pipeline of projects enhances buying power ~70% of operational portfolio are Non Solar Park (NSP) High availability for all the solar plants projects with track record of timely execution resulting in 300+ kms of transmission built across several states higher returns improves execution record Remote management of 550 solar power plant sites Day ahead forecasting for better control & no margin leakage Published one, filed eight patents, and many in development Note: Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019) (1) Internal rate of return (2) Operational portfolio as on September 6, 2019 7 Superior Technology – Continue To Lower Costs While Retaining High Quality Assets World Class Technology Partners Strong supplier relationships > $1.0 Bn in supplier purchases Achieved an 83% cost decline since inception due to value engineering, design and procurement efforts $US/Watt kW 4.00 12,500 11,000 3.00 9,500 Value Engineering: 8,000 2.00 6,500 5,000 Module Cost Reduction 1.00 3,500 2,000 - 500 FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 Module Cost BOS Cost Module Cost Reduction Value Engineering DC Block Size Note: Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019) 8 EBITDA Expansion & Economies of Scale Driving Profit Growth Growing Portfolio with Strong Contracts in Place Substantial, Contracted Revenue Growth to Portfolio Run-Rate(1),(2) 3,900 $376(4) 500 3,351 1,020 Contracted 2,600 180 42 Under Construction $158 1,609 $144 MWs 1,300 $112 Operating $61 Revenues (US $ Million) (US $ Revenues $44 - Operational as Recently Under Under LOA Portfolio IPO FY'17 FY'18 FY'19 LTM Contracted Revenue of Jun-19 commissioned Construction Development Captured Significant Economies of Scale 284% Increase in Adjusted EBITDA since IPO in 2016 100% $140 90% $119 $120 $112 80% $100 70% $84 60% $80 50% $60 40% $44 % of of Revenue % 30% $40 $31 20% EBITDA (US$ (US$ Million) EBITDA $20 10% 0% $0 FY'15 IPO FY'17 FY'18 FY'19 LTM IPO FY'17 FY'18 FY'19 LTM Interest Expense as % of Revenue G&A as % of Revenue (3) (1) Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019) (2) Portfolio run-rate (3) Excludes INR 163.2 million(US$ 2.4 million) of one time charges in quarter ending 30 June, 2019 (4) Equals annualized payments for customers extrapolated based on the operating & committed capacity as on June 30, 2019 | IPO data is LTM 30 June, 2016 | LTM is as on 30 June, 2019. 9 Strong Governance and Disclosure Standards Only Indian Solar Independent Power Producer listed on NYSE Standards reinforced by listing requirements Strong Corporate Governance SGX-ST Home country SEC & NYSE requirements regulatory requirements that also requiring periodic requirements require regular reporting reporting Key Committees Key Policies Compensation Nominating and Anti Bribery and Code of Business Corporate Social Audit Committee Whistle Blower policy Committee Governance Committee Corruption Policy Conduct and Ethics Responsibility Assist the board in Prudently oversee the Review & make Providing conducive Committed to conduct Conducting the business Strong community discharging matters accounting and financial recommendations with environment to business ethically with honesty, integrity partnerships related to compensation reporting process of the respect to corporate employees and directors Compliance with United and ethical behavior Constantly working with company governance for safe and secure States of America’s communities for All directors are Conduct annual reviews reporting of unethical Foreign Corrupt Practices betterment independent of Board’s Independence conduct Act For further details on policies, please refer to http://investors.azurepower.com/corporate-governance/governance-documents 10 Experienced Board Backed by Long Term Marquee Shareholders IFC Global Infrastructure Fund Increased stake in Azure Power to c.41.4% through multiple rounds & Made its first investment in company in 2010 and increased stake open market purchase through multiple rounds with current holding of c.28.4% 2nd largest Canadian pension fund (Rated AAA) Arm of World Bank and largest global development institution US $310 bn assets, of which over c.