Azure Power making ‘steady improvements’ as operational capacity exceeds 2.5GW

Facebook
Twitter
LinkedIn
Reddit
Email
A solar installation owned by Azure Power in Rajasthan. Image: Azure Power.

Azure Power exceeded the upper end of its revenue guidance for its Q3 fiscal year thanks to the addition of new renewables projects.

In the quarter ended December 2021, the Indian independent power producer’s revenue increased 27% year-on-year to US$60.2 million, more than US$2 million higher than the upper end of its prior guidance.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

This was in part due to the company commissioning 313MWac of renewables during the quarter, taking its operational capacity up to 2,523MW, 37% higher than Q3 of the previous year.

“We continue to see steady improvements on key operational parameters we report,” said Azure Power CEO Ranjit Gupta, adding that the biggest development for the company in recent months was the signing of separate power purchase agreements with the Solar Energy Corporation of India (SECI) for 2,933MW of PV projects.

“This 2.9GW capacity assures sustained base growth for Azure over the next four fiscal years and the attractive tariffs provide a long runway of profitable, value accretive growth,” Gupta said during a conference call with investors.

While adjusted EBITDA for Q3 jumped 152% year-on-year to US$52.9 million, thanks in part to additional revenue from new projects, Azure posted a net loss of US$8.2 million.

Since the end of the quarter, the IPP has completed what it said is India’s largest single-site solar project, a 600MW install in the state of Rajasthan that it has since refinanced.

Gupta also revealed that the company has formed a new business unit focused on delivering solutions such as round-the-clock power, energy storage and green hydrogen for energy-intensive industries.

Azure expects Q4 revenues to be US$68 – 70 million, while operational renewables capacity for the fiscal year ending 31 March 2022 is forecasted to be 2,855 – 2,955MW. However, the company doesn’t expect to add additional capacity during the following fiscal year.

Read Next

July 30, 2025
Donald Trump has announced a 25% tariff on all imports entering the US from India from the 1st August 2025.
July 29, 2025
US-based solar manufacturer T1 Energy has expressed support for the US government’s tariff investigations into global polysilicon imports and solar products from Laos, Indonesia and India.
July 25, 2025
A round-up of news from the Indian solar sector this week, including Reliance Industries' cell plant, Juniper Green Energy powering solar PV and Solex Energy launching new modules.
July 25, 2025
According to a report from the International Renewable Energy Agency (IRENA), the global levelised cost of electricity (LCOE) for solar PV reached US$0.043/kWh in 2024.
July 24, 2025
Spanish energy utility giant Iberdrola has recorded over €3.5 billion in net profits in the first half of 2025 as it continues to expand investments in grid networks and high-value markets.
July 23, 2025
US-based microinverter manufacturer Enphase Energy saw a decline of two percentage points in its gross margin for Q2 2025 due to Donald Trump's “reciprocal” tariffs regime.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK