to increase in the rate of GST from 5% to 12% under the notifications
date September 30, 2021, whereby the claims of the Company amounting to
INR 89.40 million have been allowed.
The Group and one of its module suppliers have amicably settled their
dispute under a module supply contract. The details of the settlement
are confidential.
The Group has received a favorable order for its 90 MW project in Assam
from the state commission in a petition filed seeking extension of the
scheduled commissioning date on account of delays caused due to reasons
beyond the control of the Company. The state commission has extended the
scheduled commissioning date of the project thereby preventing reduction
of tariff which is a consequence of delay in commissioning as per the
terms of the power purchase agreement.
The Group had filed a petition before Andhra Pradesh Electricity
Regulatory Commission ("APERC") challenging deductions made by off-taker
from the Company's monthly invoices on the alleged ground of excess
installation with respect to the Company's 50 MW project in Andhra
Pradesh. APERC disallowed the relief sought by the Company. The
deductions have amounted to INR 153.70 million as of the date of this
press release. The Company has challenged the aforesaid order before the
higher forum and has received a stay of the APERC order.
U.S. Securities Litigation
An ongoing class action lawsuit that was filed in the U.S. District
Court for the Southern District of New York (the "Court"), case number
1:22-cv-07432 against the Company and certain current and former
directors and officers of the Company alleging violations of U.S.
securities laws. A First Amended Complaint was filed by the lead
plaintiff and the Court set a deadline of August 15, 2023 for the
Company and the other defendants to respond to the First Amended
Complaint. The Court also set a deadline of July 31, 2023 for the lead
plaintiff to inform the Court of any plans to file a Second Amended
Complaint, and the Court's order expressly contemplates that the August
15, 2023 date would be adjusted further if the lead plaintiff seeks to
file a Second Amended Complaint. The Company sees no merit in the claims
asserted in the lawsuit and intends to defend the case vigorously.
Certain Risks
Investment in the Company's securities is subject to various risks.
Investors should consider carefully the risks (i) set forth in our Form
6-K filed with the SEC on January 25, 2023 and (ii) set forth in "Item 3
=- Key Information -- D. Risk Factors" in the Company's annual report on
Form 20-F for Fiscal 2021 filed with the SEC on July 28, 2021, as
updated by its subsequent SEC filings. Investors also should carefully
consider the risk factors that the Company will include in the Form 20-F
for Fiscal 2022 and Form 20-F for Fiscal 2023. The risks described are
not the only risks facing the Company. Additional risks and
uncertainties not currently known to the Company or those the Company
currently considers immaterial may also materially adversely affect the
Group's business, financial condition, results of operations and cash
flows.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the US Securities Exchange Act of 1934, as
amended, and the U.S. Private Securities Litigation Reform Act of 1995.
In some cases, these forward looking statements can be identified by
words or phrases such as "estimate," "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe," "potential,
" "continue," "is/are likely to" or other similar expressions. These
statements relate to events that involve known and unknown risks,
uncertainties and other factors, including those listed under "Certain
Risks" above, which may cause the Group's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements. These forward-looking statements relate to various matters,
including completion of the audited financial statements of the Group
for Fiscal 2022 and Fiscal 2023 and the filing of the Form 20-F for
Fiscal 2022 and the Form 20-F for Fiscal 2023, defaults under the
Group's indebtedness, any actions that may be taken by lenders in
respect of such defaults, internal investigations currently underway,
current and future regulatory actions and litigation the Group may face.
The risks and uncertainties that could cause the Group's results to
differ materially from those expressed or implied by such
forward-looking statements include: the timing of the completion of the
Fiscal 2022 Audited Financial Statements; actions that may be taken by
the Group's lenders in respect of defaults under the Group's
indebtedness; the results of on-going investigations and litigation; 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; curtailment; the availability of solar panels and
other raw materials; its ability to attract and retain its relationships
with third parties, including its solar partners; its ability to meet
the covenants in its debt facilities; meteorological conditions and such
other risks identified in the registration statements and reports that
the Company files with the SEC. All forward-looking statements in this
press release are based on information available to the Company as of
the date hereof, and the Company assumes no obligation to update these
forward-looking statements.
About Azure
Azure is a leading independent sustainable energy solutions provider and
renewable power producer in India. Azure developed India's first utility
scale solar project in 2009, and since then has grown rapidly to become
a leader in developing and operating large utility-scale renewable
energy projects in the country.
For more information about Azure, visit: www.azurepower.com.
For more information:
Investor Contact
ir@azurepower.com
Media Contact
pr@azurepower.com
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SOURCE Azure Power
/CONTACT: Aditee - +91-11-4940 9817
(END) Dow Jones Newswires
July 13, 2023 09:33 ET (13:33 GMT)
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