In Short:
Azure Power Global Limited, a renewable energy company from India, is considering selling a stake or the entire business to a strategic partner. Top management changes and investigations in the US have affected the company. Despite these challenges, analysts have improved their outlook for the company. India’s renewable energy capacity is growing, attracting green energy deals.
Azure Power Global Limited Considering Stake Sale
Hey folks, exciting news in the world of renewable energy! Azure Power Global Limited, India’s pioneer renewable energy company listed in the US, is contemplating a stake sale to a strategic partner or even a full sale of the business. How cool is that?
Special Shareholder Meeting Alert
Mark your calendars for 20 March as Azure Power has called for a special meeting of shareholders at its Gurugram office. Stay tuned for updates on this development.
Backed by Canadian Pensions
Azure Power has strong backers in the form of Canadian pension funds Caisse de dépôt et placement du Québec (CDPQ) and Ontario Municipal Employees’ Retirement System (OMERS), holding significant stakes in the company.
Management Changes and Investigations
With notable turnover in top management and ongoing investigations in the US, Azure Power has been navigating through challenging times. Let’s see how they emerge stronger from this phase.
Investigation Updates
Reports suggest that the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington are digging into Azure Power’s affairs. The company has been proactively addressing issues highlighted in a whistleblower complaint.
Fitch Ratings Outlook
Despite the hurdles, Fitch Ratings has upgraded Azure Power’s bonds, indicating a positive outlook. The company is making strides in financial disclosure and governance areas.
Renewable Energy Boom in India
India’s renewable energy capacity is soaring, with a strong focus on solar and wind power. As the country gears up for record power demand highs, Azure Power’s potential stake sale adds to the buzz around green energy deals.
