Azure Power

What Azure Power does

Azure Power is a publicly listed (NYSE: AZRE) independent power producer founded in 2008 and headquartered in Gurugram, India, that develops, builds, and operates utility-scale renewable energy projects. The company manages a portfolio of over 4.1 GW across 12 Indian states, with more than 3 GW operational and approximately 1.1 GW contracted or awarded. Major capacity concentrations sit in Rajasthan (1,675 MW), Gujarat (270 MW), Karnataka (250 MW), and Punjab (214 MW). Its generation mix has expanded from pure-play solar — which remains the core business — to include onshore wind (first 120 MW ISTS wind project in 2021) and hybrid solar-wind projects (first 150 MW ISTS hybrid in 2021).

Azure Power generates revenue by selling electricity under long-term fixed-price Power Purchase Agreements (PPAs) of up to 25 years, primarily to government offtakers including central agencies (SECI, NTPC) and state distribution utilities (DISCOMs in Punjab, Gujarat, Assam, Uttar Pradesh, Chhattisgarh, Bihar, Karnataka, and others), with a secondary segment serving industrial and commercial customers. Its technology stack includes proprietary real-time performance monitoring, AI and digital twin tools for operational optimization, robotic dry-cleaning systems deployed across 1,330 MW of capacity, and in-house EPC, design, and procurement capabilities supporting value engineering.

The company finances growth through a mix of equity (NYSE IPO in 2016, OMERS Infrastructure's $219M / 19.4% stake purchase in 2021) and sustainable debt (India's first solar green bond on SGX in 2017, subsequent $350M and $414M green bond issuances, and $285M REC/HSBC refinancing in October 2024). It reports 6,047 GWh of cumulative renewable generation and 4.88 million tonnes of CO2e avoided. The firm has suspended SEC reporting obligations (2023) and settled a US securities lawsuit for $23M in September 2025; its CFO was replaced in August 2025.

Name

Azure Power

Legal name

Azure Power

Website

https://azurepower.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Azure Power is an Indian independent renewable energy producer (NYSE: AZRE) that develops and operates utility-scale solar, wind, and hybrid projects under long-term PPAs with government utilities and industrial customers, operating a 4.1 GW portfolio across 12 states.

Ownership category

akta.pro rank

Product category

Utility-Scale Renewable Energy (Solar, Wind, and Hybrid Power Generation)

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Electric Services (4911)

akta.pro primary industry

Incentives, Grants & Program Administration (Auctions, Tenders, IRA/ITC/PTC Advisory) (EUAMAAAJ)

akta.pro secondary industries

Utility-Scale Power Generation Asset Management (EUAEAMAA), Renewable Energy Infrastructure (FSAAAKAG)

Keywords

• Utility-scale solar power
• Wind energy projects
• Renewable power generation
• Power purchase agreements
• Rooftop solar solutions

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Renewable Energy Power Sales: Azure Power builds and operates utility-scale renewable power projects and supplies generated renewable power to government utilities and independent industrial & commercial customers on long-term fixed-price contracts of up to 25 years. Prices are often at or below prevailing alternatives for customers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels8 records

Core offering

Azure Power develops, builds, and operates utility-scale solar, wind, and hybrid renewable energy projects across India with an installed portfolio exceeding 4.1 GW spanning 12 states and 31 projects. The company supplies generated renewable power to government utilities (state DISCOMs, NTPC, SECI) and independent industrial and commercial customers under long-term fixed-price Power Purchase Agreements (PPAs) of up to 25 years, with tariffs typically determined through competitive bidding processes and often priced at or below prevailing alternatives.

Product overview

Azure Power is a leading independent sustainable energy solutions provider and power producer in India that operates a multi-product renewable energy portfolio. The company offers utility-scale solar projects (ranging from 10 MW to 600 MW), wind power projects, and hybrid solar-wind projects, all developed under long-term fixed-price contracts with government utilities and industrial customers. The Azure Roof Power sub-brand provides rooftop solar solutions for commercial and government buildings. Azure Power provides supporting services including operational performance monitoring, value engineering, and green bond financing. The portfolio spans 4.1 GW across 12 Indian states with major installations in Rajasthan (1,675 MW), Gujarat (270 MW), Karnataka (250 MW), and Punjab (214 MW), among others.

Differentiator

Problem solved

Functional benefit

Products and services

• Azure Power Utility-Scale Solar Projects Large-scale grid-connected solar power projects developed and operated across India (e.g., 600 MW Rajasthan 6, 300 MW SECI-3, 260 MW Gujarat 2, 150 MW Punjab 4), supplying renewable electricity to state and central government utilities and industrial customers under long-term fixed-price Power Purchase Agreements of up to 25 years. Projects range from 10 MW to 600 MW capacity with the operational fleet delivering 6,047 GWh of renewable electricity and 4.88 million tCO2e of avoided emissions.
• Azure Roof Power Rooftop solar power solutions for commercial, government, and industrial customers in India, used to electrify schools, government buildings, railway stations, and defence establishments across multiple Indian states. Includes distributed generation installations such as the 2.5 MW Gandhinagar rooftop project (India's first distributed MW-scale solar rooftop project).
• Wind Power Projects Onshore wind power projects developed for utility-scale generation in India, executed under long-term PPAs awarded by SECI, with turbine supply partnerships established to support the segment. The first 120 MW ISTS wind project was awarded by SECI in October 2021.
• Hybrid Power Projects Combined solar and wind hybrid power projects that integrate multiple renewable generation technologies to deliver enhanced grid stability, output reliability, and 24/7 renewable power profiles. The first 150 MW ISTS hybrid project was awarded by SECI in November 2021 under long-term PPAs.

Quantifiable outcome

• Over 4.1 GWs renewable energy portfolio with over 3 GWs operational
• +4 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Siemens GamesacoreTechnology or Integration · 12 August 2022Azure Power tied up with Siemens Gamesa for supply of onshore wind turbines, supporting the company's expansion into wind energy projects.
• Premier EnergiescoreTechnology or Integration · 13 June 2022Azure Power executed a module supply agreement with Premier Energies, a Telangana-based solar module manufacturer, for solar cells and modules to support project development.
• First SolarcoreTechnology or Integration · 19 September 2019Azure Power signed an agreement for 600 MW of First Solar's high-performance modules for solar power projects. This is a major technology supply partnership for solar panels.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Hero Future Energies: India-focused renewable IPP (solar, wind, hybrid) backed by the Hero Group, selling power to DISCOMs and C&I customers under PPAs. Closely mirrors Azure's project-development-led model and target customer base.
• ReNew Energy Global: One of India's largest utility-scale renewable IPPs, listed in the US, operating utility-scale solar and wind projects under long-term PPAs with central and state utilities. Competes head-to-head with Azure in SECI tenders.
• Acme Solar: India-based utility-scale solar and hybrid IPP with a multi-GW pipeline and long-term PPAs; competes in SECI auctions and to commercial off-takers across India.
• Tata Power Renewable Energy: Renewable arm of Tata Power developing utility-scale solar and wind and rooftop solar across India, including the largest solar EPC portfolio. Directly comparable in customer base (state DISCOMs, C&I), project scale, and PPA structure.
• JSW Energy: Indian power group with rapidly growing renewable (solar/wind/hybrid) IPP arm under long-term PPAs, bidding in SECI and state utility tenders. Comparable to Azure in technology mix, customer profile, and growth-via-auctions model.
• Adani Green Energy: India's largest renewable IPP with utility-scale solar, wind, and hybrid portfolios and long-term PPAs with SECI/NTPC/state utilities. Direct competitor to Azure in every Indian solar/wind auction, with a substantially larger operating fleet and similar counterparty mix.
• Greenko Group: Large Indian renewable IPP with utility-scale solar, wind, and pumped-storage hybrids supplying C&I and utility customers under long-term contracts. Direct competitor in the same SECI/state auction ecosystem.

Others

• First Solar: Leading thin-film solar module supplier (and minority project developer) that is a direct technology partner to Azure Power via a 600 MW module supply agreement. Relevant as a supplier/partner rather than a direct Indian IPP competitor.

Emerging players

• Suzlon Energy: India's largest wind turbine OEM with growing wind IPP interests; adjacent to Azure via the wind/hybrid pivot and Indian policy drivers, but focused on wind rather than full-spectrum renewable IPP offerings.

Broad incumbents

• Engie India (Engie Renewables): Global utility with renewable (solar/wind) project development interests in India. Overlaps with Azure in target customer and project size, but with much broader global portfolio and longer-tenured execution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/azurepowersolar
• YouTubeyoutube.com/@azurepower4227
• Facebookfacebook.com/azurepowersolar
• LinkedInlinkedin.com/company/azure-power
• Instagraminstagram.com/azurepowersolar

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds15 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Azure Power