Azure Power Global Limited Announces Investment from CDPQ

CDPQ Increases Stake to 40%

Caisse de dépôt et placement du Québec (CDPQ)

Azure Power Global Limited (NYSE: AZRE), a leading independent solar power developer in India, today announced that CDPQ has increased its stake in the company to 40%. CDPQ, an existing investor in Azure Power, has purchased an additional 717,701 shares of the company's common stock.

This new investment brings the total amount invested by CDPQ in Azure Power to US$240 million. The investment will support Azure Power's continued growth and expansion in the Indian solar market.

In addition to the investment, Azure Power also announced the appointment of Jaime García Nieto and Philippe Wind to its board of directors.