Azure Power Global Limited, a trailblazer in India’s renewable energy sector since its inception in 2008, has solidified its position as one of the nation’s premier independent power producers focused on solar energy. The company embarked on its solar journey in 2009 by commissioning India’s first private utility-scale solar project, a 2 MW facility in Punjab which is marking the dawn of large-scale solar adoption in the country. Over the years, Azure Power has scaled impressively, surpassing key portfolio milestones such as 1 GW in 2016, 2 GW in 2018, and over 7 GW by 2021, while pioneering innovations like India’s first solar green bond in 2017 and becoming carbon neutral in 2019. Listed on the NYSE in 2016 as the first Indian energy company to do so, Azure Power has consistently delivered high-performance assets, blending advanced technology with creative financing to power a greener grid.

At the core of Azure Power’s operations lies a robust pipeline of grid-scale solar projects, strategically developed across sun-rich states like Rajasthan, Punjab, Gujarat, and Uttar Pradesh. The company designs, constructs, and operates these facilities to supply clean, reliable electricity to government utilities, industrial clients, and commercial entities under long-term fixed-price power purchase agreements (PPAs), often at competitive rates below fossil fuel alternatives. Notable achievements include the 100 MW Rajasthan project under the National Solar Mission in 2015 which is the largest of its kind at the time and the fully commissioned 600 MW SECI project in 2021, India’s largest single-site solar installation owned and operated by a private entity. By integrating innovative engineering and data-driven maintenance, Azure Power ensures optimal output, minimizing downtime and maximizing returns for stakeholders while contributing to national energy security.

Sustainability is not just a buzzword for Azure Power but a foundational commitment, encapsulated in its mission to displace 230 million tons of global CO2 emissions by 2030 through high-performance renewable assets. Achieving carbon neutrality in 2019 and earning accolades like the 2020 award for the most sustainable company in the solar sector, the firm emphasizes ethical practices, social responsibility, and environmental stewardship. Its issuance of multiple green bonds, including the third in 2021 with the lowest coupon rate for any Indian renewable energy issuer, has mobilized billions in eco-friendly capital. These efforts align with India’s ambitious net-zero goals, fostering community upliftment via projects like microgrids in remote Jharkhand and solar power for Indo-Pak border outposts, thereby bridging urban-rural energy divides.

Azure Power has been basking in positive headlines throughout 2025, particularly for its aggressive expansion through strategic acquisitions and financial maneuvers that underscore its growth trajectory. In a remarkable feat, the company acquired over 3 GW of renewable energy assets within just two months, bolstering its portfolio and signaling strong investor confidence in its execution capabilities. This spree not only enhances its capacity to meet surging demand but also positions Azure Power as a consolidation leader in a fragmented market. Complementing this, in early 2025, it secured ₹13 billion (~$154.86 million) in refinancing from HSBC for its 300 MW solar project, optimizing debt structures and freeing up capital for further development.

Capping off these triumphs, Azure Power announced a landmark supply agreement in September 2025 with Premier Energies for solar cells and modules worth ₹4,000 crore, backed by a joint ₹700 crore investment in a dedicated facility. This partnership ensures a reliable domestic supply chain, reduces import dependencies, and accelerates project timelines amid global supply chain volatilities. Additionally, the company’s proactive steps, such as prepaying $310 million in green bonds ahead of maturity and resolving a long-standing lawsuit while reaffirming robust governance, have restored market trust and driven share price appreciation. These developments highlight Azure Power’s resilience and foresight, paving the way for sustained leadership in India’s renewable revolution.