Azure Power, one of India's largest independent solar power producers, has appointed Sushil Bhagat, former CFO of Hindustan Power Projects Ltd (Hindustan Power), as the new Chief Financial Officer.
S.K Gupta, former CFO of Azure Power, has been appointed as Executive Vice-President, O&M, and will head the O&M business unit to manage the company’s fast-growing fleet of assets, the company said in the statement.
An ex-investment banker with over 30 years of experience in the industry, Sushil Bhagat raised over $12 billion of funds and led complex advisory and M&A assignments across all infrastructure sectors.
At Hindustan Power, he has supervised 1,200 MW of thermal and over 400 MW of solar power assets, while before he has served in various corporate leadership roles at Coastal Projects, Wachovia, Axis Bank and State Bank Group.
Azure Power had earlier this month won a 250 megawatt (MW) solar project in an auction conducted by NTPC Vidyut Vyapar Nigam (NVVN), a wholly owned subsidiary of state-run National Thermal Power Corporation (NTPC).
Azure Power will provide power to NVVN at a tariff of Rs 3.14 per kWh for 25 years and the solar PV project(s) can be located anywhere in India, which will be outside a solar park, the company said.
In September, Azure Power had won a 260-MW solar project in an auction conducted by Gujarat Urja Vikas Nigam Ltd (GUVNL). The project will be developed outside a solar park and is likely to be commissioned in 2019.
Overall company's portfolio as of June 30, 2017 stood at 1,069 MW across 18 states, of which 771 MW is operational and 298 MW is committed and under construction. Over the year, the total capacity has increased by 11 per cent, the company said, while announcing results for the first quarter of this fiscal.
In August, Azure Power had raised $500 million by selling green bonds for repayment of existing debt and for capital expenditure for under construction projects and future growth. The company is currently in discussion with European funds for fresh fundraising opportunities.
The company's revenue for the first quarter of the current financial year has increased by 84 per cent compared to the same period of the previous year and stood at Rs 187.7 crore, while its net income for the quarter was Rs 20.6 crore against a net loss of Rs 23.1 crore for the quarter ended June 30, 2016.
For the year ended 31 March, Azure Power reported a revenue of around Rs 418 crore compared with Rs. 262.6 crore in the previous financial year and its losses narrowed to Rs. 148 crore from Rs.303.8 crore a year ago.
In its guidance for FY18, the company said it expected the yearly revenue to increase to Rs. 760-800 crore, while its operational capacity by March 31, 2018 will reach 1,000-1,200 MW.