Azure Power appoints new CEO following April resignations

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Harsh Shah, pictured, has taken over Azure at a point when the company is expanding its capacity but still making a loss. Image: Azure

Indian independent power producer (IPP) Azure Power has appointed Harsh Shah as CEO, effective from 1 July, following the resignation of its previous CEO, Ranjit Gupta, last month.

Shah was previously the CEO of IndiGrid, an Infrastructure Investment Trust in the Indian energy sector that owns, operates and manages power transmission networks and renewable energy assets worth US$3 billion. He has also served as the CFO for Sterlite Power and IndiGrid.

“[Shah] is a proven leader who has deep knowledge of India’s energy sector ecosystem and how it is rapidly evolving,” said Azure non-executive chairman of the board, Alan Rosling.

“We are confident that under his leadership, Azure will continue to scale new heights in India’s vibrant renewable energy sector to offer grid-scale solar, wind and hybrid projects to utility customers, as well as commercial and industrial customers.”

Gupta and Azure’s chief operating officer Murali Subramanian resigned on 26 April for undisclosed reasons. At the time, Gupta simply said: “Murali and I have been privileged to have had the opportunity to steer this great company at a challenging time and lay the path forward. We leave the company with a great team and are confident in its future.”

Despite decent financial results for last quarter, Azure had slipped back into loss following a return to profitability last year. The company has an India-wide portfolio of over 7.4GWs, with over 2.9GWs of operational capacity.

Shah is now tasked with growing one of India’s largest clean energy companies. “India’s renewable energy story is at an inflection point with policy intent and innovative platforms coming together to pave the way for an exciting, sustainable future,” he said.

“I am happy to join Azure Power at a time when we see an exciting and momentous market opportunity as the industry implements energy transition in India.”

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