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Disclaimer Forward-Looking Statements This information contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding our future financial and operating guidance, operational and financial results such as estimates of nominal contracted payments remaining and portfolio run rate, and the assumptions related to the calculation of the foregoing metrics. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in the commercial and retail prices of traditional utility generated electricity; changes in tariffs at which long term PPAs are entered into; changes in policies and regulations including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; our limited operating history, particularly as a new public company; our ability to attract and retain our relationships with third parties, including our solar partners; our ability to meet the covenants in debt facilities; meteorological conditions and such other risks identified in the registration statements and reports that we have file with the U.S. Securities and Exchange Commission, or SEC, from time to time. In the presentation, portfolio represents the aggregate megawatts capacity of solar power plants pursuant to PPAs, signed or allotted or where we have been cleared as one of the winning bidders or won a reverse auction but has yet to receive a letter of allotment. All forward-looking statements in this presentation are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements. This presentation also contains non-GAAP financial measures. We have provided a reconciliation of such non-GAAP financial measures to the most directly comparable measures prepared in accordance with U.S. GAAP in the Appendix to this presentation.

Executive Summary 2

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New Management Commitment to Capital Discipline Financial discipline is the foundation of our success 1 Delivery of current pipeline on time and on budget 2 Enhance returns on invested capital with efficiency gains and cost optimisation 3 Optimize capital structure to lower risk and cost of capital 4 Risk mitigated approach to new projects that must meet threshold returns 5 If returns on future growth do not meet thresholds, will explore giving back capital

Azure Power Overview (AZRE: NYSE) A Leading Pan Indian Solar Power Developer Portfolio of 3,351 MWs (1) : 1,789 MWs Operational (1) , 1,562 MW Contracted Pipeline (2) 3,148 MWs 203MWs Utility-Scale Projects Azure Roof Power • Founded in 2008, built India’s first private utility-scale solar project in 2009 Founded in 2008, built India’s first private utility-scale solar project in 2009 • Fully integrated business from development to EPC , Asset financing Fully integrated business from development to EPC , Asset financing & management • Operational MW growth of 90% CAGR from March 2012 Operational MW growth of 87% CAGR from March 2012 • 75% contracted pipeline with A to AAA domestic debt rated offtakes 80% of the total portfolio is investment grade Gandhinagar | India’ First MW Scale Distributed Solar Rooftop Project • Total Capital raised ~US$ 2.8 billion Total capital raised US$2.4 billion since inception • on First Indian energy assets to list in NYSE, United States • First Solar Green Bond out of India listed on SGX • a Second Solar Green Bond just issued Awan |Punjab |India’s First Private MW scale Solar Plant * Map not to scale (1) Portfolio as on June 30, 2019 (Operational portfolio as on September 6, 2019) (2) Under construction and allocated projects 5 (3) Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019)

Total 3,351 MW Portfolio Capacity (1) , With 83% Portfolio in High Irradiation Zone ~14% (2) in Mid Irradiation Zone Focus is on Strong Counterparty Credit ~83% in High Irradiation Zone (2) Punjab BBB- to BBB+ 214 MW Rajasthan 3% A to AAA Uttar Pradesh 80% of the portfolio is 475 MW 77% 100 MW Investment Grade 1,200 MW Bihar Others Gujarat 10 MW 20% 270 MW Chhattisgarh Andhra Pradesh 30 MW 200 MW Telangana 100 MW Maharashtra 7 MW 200 MW Other State Karnataka Electricity Boards SECI 250 MW Delhi (2 MW) 30% ~70% of the portfolio is 40% 2 MW with GoI (sovereign) Rooftop projects (4) (203MW) Assam (90 MW) backed entities and 131 MW 90 MW Gujarat SEB 72 MW Irradiation Zones (3) (`kWh/m2/day) High >5.5 Gujarat SEB Indian Railways Operational Solar Capacity Mid Between 5.5-4.5 8% Under Construction & Committed Solar Capacity & GoI Entities Mid Low 4.5-3.5 NTPC 3%  Projects operating with longest operating history amongst renewable IPPs 18%  Repeat business targeted in various states subsequent to experience achieved * Map not to scale (1) Portfolio as on June 30, 2019 (Operational portfolio as on September 6, 2019) (2) For ground mount project 6 (3) National Renewable Energy Laboratory

Azure’s Integrated Approach Lowers Risk and Enhances Project Returns Attractive And Sustainably High IRRs (1) with ~1.8 GW (2) Operational Portfolio spread across 24 states • • One of the Largest Solar Portfolio with Tariffs Higher than Lowest Bids in the Market Returns Development Operations Construction  ~1.8 GW (2) operational portfolio, one of the largest in the  Value engineering, design and procurement expertise  Strong track record of securing land India solar industry complemented by strong supplier relationships  12,000+ acres of total land developed  In-house expertise maximizes project yield and performance  Achieved an 86% BOS cost decline since inception  1.3 GW ISTS connectivity approvals ahead of schedule through proprietary system maintaining high DC PLF  High pipeline of projects enhances buying power  ~70% of operational portfolio are Non Solar Park (NSP)  High availability for all the solar plants  300+ kms of transmission built across several states projects with track record of timely execution resulting in  Remote management of 550 solar power plant sites improves execution record higher returns  Day ahead forecasting for better control & no margin leakage  Published one, filed eight patents, and many in development Note: Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019) (1) Internal rate of return 7 (2) Operational portfolio as on September 6, 2019

Superior Technology – Continue To Lower Costs While Retaining High Quality Assets World Class Technology Partners Strong supplier relationships > $1.0 Bn in supplier purchases Achieved an 83% cost decline since inception due to value engineering, design and procurement efforts $US/Watt kW 4.00 12,500 11,000 3.00 9,500 Value Engineering: 8,000 2.00 6,500 5,000 Module Cost Reduction 1.00 3,500 2,000 - 500 FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 Module Cost BOS Cost Module Cost Reduction Value Engineering DC Block Size 8 Note: Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019)

EBITDA Expansion & Economies of Scale Driving Profit Growth Growing Portfolio with Strong Contracts in Place Substantial, Contracted Revenue Growth to Portfolio Run-Rate (1),(2) 3,900 $376 (4) 500 3,351 Revenues (US $ Million) 1,020 Contracted 2,600 42 Under Construction 180 $158 MWs 1,609 $144 $112 1,300 Operating $61 $44 - IPO FY'17 FY'18 FY'19 LTM Contracted Revenue Operational as Recently Under Under LOA Portfolio of Jun-19 commissioned Construction Development Captured Significant Economies of Scale 284% Increase in Adjusted EBITDA since IPO in 2016 $140 100% $119 90% $112 EBITDA (US$ Million) $120 80% $100 70% $84 % of Revenue 60% $80 50% $60 40% $44 30% $31 $40 20% $20 10% 0% $0 FY'15 IPO FY'17 FY'18 FY'19 LTM IPO FY'17 FY'18 FY'19 LTM Interest Expense as % of Revenue G&A as % of Revenue (3) (1) Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019) (2) Portfolio run-rate (3) Excludes INR 163.2 million(US$ 2.4 million) of one time charges in quarter ending 30 June, 2019 (4) Equals annualized payments for customers extrapolated based on the operating & committed capacity as on June 30, 2019 | IPO data is LTM 30 June, 2016 | LTM is as on 30 June, 2019. 9