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CBAK Energy Announces the Closing of $70 Million Registered Direct Offering Priced At the Market Under Nasdaq Rules

DALIAN, China, Feb. 10, 2021 /PRNewswire/ — CBAK Energy Technology, Inc. («CBAK Energy,» or the «Company,» NASDAQ: CBAT), a leading lithium-ion battery manufacturer and electric energy solution provider, today announced that it closed a registered direct placement of approximately $70 million of its common stock, priced at the market under applicable Nasdaq rules with a price of $7.83 per share, and the concurrent private placement on February 10, 2021, as previously announced on February 8, 2021. The Company issued a total of 8,939,976 shares of common stock to certain institutional investors. The Company also issued Series A-1 Warrants to the investors to purchase a total of 4,469,988 shares of common stock and Series A-2 Warrants to purchase up to 2,234,992 shares of common stock, both of which were issued at an exercise price of $7.67 per share. Series A-1 Warrants and Series A-2 Warrants are exercisable for 42 months and 45 months, respectively, from the issue date. In addition, the Company issued Series B Warrants to the same investors to purchase a total of 4,469,988 shares of common stock at an exercise price of $7.83 per share, which are exercisable for 90 days from the issue date.

The Company intends to use the net proceeds from the offering to further accelerate the Company’s business plan, repay some of its outstanding debts, and fund any additional working capital needs.

FT Global Capital, Inc. acted as the exclusive placement agent for the offering.

Bevilacqua PLLC acted as counsel to the Company and Schiff Hardin LLP acted as counsel to the placement agent in connection with the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

The common stock, Series A-2 Warrants and Series B Warrants were sold and issued pursuant to the Company’s effective shelf registration and base prospectus contained therein. The shelf registration statement on Form S-3 (File No. 333-250893) relating to this offering was filed with and declared effective by the Securities and Exchange Commission (the «SEC») on December 3, 2020. A prospectus supplement related to this offering was filed with the SEC on February 9, 2021 and is available at www.sec.gov. The Series A-1 Warrants were sold and issued in a concurrent private placement in reliance on an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D promulgated thereunder.

For further details of this transaction, please see the Current Report on Form 8-K filed with the SEC on February 9, 2021 which may be viewed at www.sec.gov.

About CBAK Energy Technology, Inc.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise engaged in the R&D, manufacture, and sales of high power lithium batteries. The application of its products and solutions covers such areas as electric vehicles, light electric vehicles, electric tools, transportation and energy storage. As the first lithium battery company in China listed in NASDAQ in 2006, CBAK Energy possesses China’s first production base specially engaged in power battery, and has multiple operating subsidiaries in both Dalian and Nanjing and a large-scale R&D and production base in Dalian.

For more information, please visit www.cbak.com.cn

Safe Harbor Statement

This press release contains certain statements that may include «forward-looking statements.» All statements other than statements of historical fact included herein are «forward-looking statements.» These forward-looking statements are often identified by the use of forward-looking terminology such as «believes,» «expects» or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on the SEC’s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

For More Information:

CBAK Energy Technology, Inc.
Ms. Yuna Pei
Phone: +86-0411-39185900
Email: IR@cbak.com.cn

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SOURCE CBAK Energy Technology, Inc.

Ballard Signs Joint Development Agreement with Chart Industries For Heavy-Duty Mobility Onboard Hydrogen Solutions

VANCOUVER, BC and ATLANTA, Feb. 10, 2021 /PRNewswire/ – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced that it has signed a non-binding Memorandum of Understanding (MOU) with Chart Industries, Inc. («Chart»; www.chartindustries.com; NYSE: GTLS) – a leading diversified global manufacturer of highly engineered equipment for the industrial gas and clean energy industries – for the joint development of integrated system solutions that include a fuel cell engine with onboard liquid hydrogen («LH2») storage and vaporization for the transportation industry, with a focus on heavy-duty applications including buses, trucks, rail and marine vessels.

Both Ballard and Chart have provided hydrogen solutions and equipment to industry for multiple decades (nearly 100 years in total), including a very rapid increase in sales activity in 2020 and year-to-date 2021. This collaboration of two industry veterans is targeted to enable accelerated adoption of hydrogen in heavy-duty transport applications requiring long range, rapid refueling and lowest total cost of ownership of the vehicle.

Liquid hydrogen is well-suited for the transportation industry as its higher density, lower pressure, and ease of filling via liquid hydrogen pump contributes to the ability for larger mobile equipment to travel longer distances, similar to what is possible today with diesel fuel. As part of the development agreement –

Chart will provide:

Liquid hydrogen expertise from liquefaction plant to storage, fueling & onboard tanks
Extensive truck LNG tank experience
An existing liquid hydrogen onboard vehicle tank prototype design
Fuel to vehicle connection / interface experience
LH2 test lab in Minnesota, United States

Ballard will provide:

Proton exchange membrane («PEM») fuel cell technology expertise
PEM fuel cell stacks, modules and systems
Fuel cell mobility experience with over 70m km of vehicle operation
Market access to System Integrators and vehicle OEMs
Fuel cell testing facilities in British Columbia, Canada and Denmark

«Given both of our companies’ extensive experience in the Class 8 long haul truck, bus, rail and marine areas of transportation as well as hydrogen, this combination of expertise will create a unique, differentiated and cost-effective solution for transportation customers as the industry moves to cleaner power,» stated Jill Evanko, Chart’s CEO and President. «We are proud to partner with Ballard, a global proven and focused leader in hydrogen.»

Randy MacEwen, Ballard President and CEO added, «Chart Industries is a strong partner for development of integrated and optimized hydrogen solutions that include storage of liquid hydrogen for our fuel cell engines. Together with Chart, we intend to help simplify customers’ buying decisions, regardless of the specific Heavy-Duty Motive application being addressed.»

About Chart Industries, Inc.

Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com.

About Ballard Power Systems

Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated product performance and other characteristics. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. Readers should not place undue reliance on Ballard’s forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.

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SOURCE Ballard Power Systems Inc.

Azure Power Announces Results for Fiscal Third Quarter 2021

EBENE, Mauritius, Feb. 10, 2021 /PRNewswire/ — Azure Power Global Limited (NYSE: AZRE), a leading independent solar power producer in India, today announced its consolidated results under United States Generally Accepted Accounting Principles («GAAP») for the fiscal third quarter 2021, period ended December 31, 2020.

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Fiscal Third Quarter 2021 Period Ended December 31, 2020 Operating Highlights:

Operating Megawatts («MW») were 1,987 MWs, as of December 31, 2020, an increase of 10.0% over December 31, 2019. Operating and committed megawatts were 7,115 MWs, as of December 31, 2020, an increase of 34.2% over December 31, 2019. Committed megawatts include 4,000 MWs for which we have received Letters of Award («LOA») but the Power Purchase Agreements («PPAs») have not yet been signed.
Operating revenues for the quarter ended December 31, 2020 were INR 3,521 million (US$ 48.2 million), an increase of 15.6% over the quarter ended December 31, 2019. We estimate that our revenues were negatively impacted by approximately INR 126 million (US$ 1.7 million) on account of adverse weather conditions resulting in low insolation, as compared to our initial estimates, during the quarter.
Net loss for the quarter ended December 31, 2020 was INR 1,088 million (US$ 14.9 million). During the quarter, our results were negatively impacted by stock appreciation rights (SARs) expense of INR 1,318 million (US$ 18.1 million). Refer to the detailed explanation in the ‘Stock Appreciation Rights expense’ section of the commentary below.
Adjusted EBITDA for the quarter ended December 31, 2020 was INR 1,563 million (US$ 21.3 million), a decrease of 26.0% over the quarter ended December 31, 2019. During the quarter, our results were negatively impacted by an increase in stock appreciation rights (SARs) expense of INR 1,318 million (US$ 18.1 million). Refer the detailed explanation in the ‘Stock Appreciation Rights expense’ section of the commentary below.
Non-GAAP Cash Flow to Equity («CFe») from Operating Assets for the quarter ended December 31, 2020 was INR 1,231 million (US$ 16.8 million), an increase of 142.0% over the quarter ended December 31, 2019.

Key Operating Metrics

Electricity generation during the quarter and nine-months ended December 31, 2020 was 783.7 million kWh and 2,436.8 million kWh, respectively, an increase of 98.6 million kWh or 14.4%, over the quarter ended December 31, 2019, and an increase of 441.8 million kWh, or 22.1%, over the nine months ended December 31, 2019. The increase in electricity generation was principally a result of an additional 183 MWs of AC (277 MWs DC) operating capacity commissioned since December 31, 2019. Our Plant Load Factor («PLF») for the quarter and the nine months ended December 31, 2020, was 19.3% and 20.1% respectively, compared to 17.7% and 18.6%, respectively, for the same comparable periods in 2019, which increased principally due to the addition of DC capacity and improved performance by our plants.

We commissioned 153 MWs AC (236 MWs DC) during the three months ended December 31, 2020 and 179 MWs AC (264 MWs DC) during the nine months ended December 31, 2020.

Project cost per megawatt operating (megawatt capacity per the PPA or AC) consists of costs incurred for one megawatt of new solar power plant capacity during the reporting period. The project cost per megawatt (DC) operating for the nine months ended December 31, 2020 decreased by INR 3.2 million (US$ 0.04 million), or 9%, to INR 31.2 million (US$ 0.43 million) primarily due to lower costs on account of the reduction in solar module prices for the projects commissioned during the period. The project cost per megawatt (AC) operating for the nine months ended December 31, 2020 was INR 45.0 million (US$ 0.62 million), compared to INR 47.9 million, for the nine months ended December 31, 2019, on account of a reduction in solar module prices. Excluding the impact of safeguard duties, the DC and the AC costs per megawatt for the nine months ended December 31, 2020 would have been lower by approximately INR 2.6 million (US$ 0.04 million) and INR 2.7 million (US$ 0.04 million), respectively, and for the nine months in the prior year ended December 31, 2019, the DC and the AC costs per megawatt would have been lower by approximately INR 2.5 million and INR 4.1 million, respectively.

As of December 31, 2020, our operating and committed megawatts were 7,115 MWs, an increase of 1,815 MWs compared to December 31, 2019. Committed megawatts include 4,000 MWs for which we have received LOAs but the PPAs have not yet been signed. The Solar Energy Corporation of India («SECI») has informed us that so far there has not been adequate response from the state electricity distribution companies («DISCOMs») for SECI to be able to sign the Power Sale Agreement («PSA») at this stage even though we have a LOA. SECI has mentioned that they will be unable to sign PPAs until PSAs have been signed, and they have committed to inform Azure Power of developments in their efforts with the DISCOMS. Capital costs, interest rates and foreign exchange rates have improved since Azure Power won the 4 GW auction in December 2019 which have resulted in lower tariffs in other recent SECI auctions. We expect these savings likely will be passed on to state electricity distribution companies (DISCOMS). We expect a tariff markdown from the price discovered in the auction, which will facilitate signing of PSAs. We will continue our discussions with SECI towards signing PPAs in respect of the 4GW tender and expect the PPAs to be signed in tranches over a period of time.

Nominal Contracted Payments for Projects with PPAs

Our PPAs create long-term recurring customer payments. Nominal contracted payments equal the sum of the estimated payments that the customer is likely to make, subject to discounts or rebates, over the remaining term of the PPAs. When calculating nominal contracted payments, we include those PPAs for projects that are operating or committed.

The following table sets forth, with respect to our PPAs as referred above, the aggregate nominal contracted payments and total estimated energy output as of the reporting dates. These nominal contracted payments have not been discounted to arrive at the present value.

As of December 31,

2019

2020

INR

US$

Nominal contracted payments for projects with PPAs (in millions)*

534,901

511,781

7,009.7

Total estimated energy output (kilowatt hours in millions)*

155,410

150,174

* Nominal contracted payments for projects with PPAs do not include the payments for 4 GWs with LOAs since the PPAs have not yet been signed.

Our nominal contracted payments are not impacted for the delays in construction due to COVID-19, as revenues from our PPAs start on the date of commissioning of the project.

Portfolio Revenue Run-Rate for Projects with PPAs

Portfolio revenue run-rate for projects with PPAs equals annualized payments from customers extrapolated based on the operating and committed capacity as of the reporting dates. In estimating the portfolio revenue run-rate, we multiply the PPA contract per kilowatt hour by the estimated annual energy output for all operating and committed solar projects as of the reporting date. The estimated annual energy output of our solar projects is calculated using power generation simulation software and validated by independent engineering firms. The main assumption used in the calculation is the project location, which enables the software to derive the estimated annual energy output from certain meteorological data, including the temperature and solar insolation based on the project location.

The following table sets forth, with respect to our PPAs as referred above, the aggregate portfolio revenue run-rate and estimated annual energy output as of the reporting dates. The portfolio revenue run-rate has not been discounted to arrive at the present value.

As of December 31,

2019

2020

INR

US$

Portfolio revenue run-rate for projects with PPAs (in millions)*

24,092

23,817

326.2

Estimated annual energy output (kilowatt hours in millions)*

6,831

6,772

* Portfolio revenue run-rate for projects with PPAs does not include the revenue for 4 GWs with LOAs as the PPAs have not been yet signed.

Fiscal Third Quarter 2021 Period ended December 31, 2020 Consolidated Financial Results:

Operating Revenues

Operating revenues for the quarter ended December 31, 2020 was INR 3,521 million (US$ 48.2 million), an increase of 15.6% from INR 3,047 million in the quarter ended December 31, 2019. This increase was driven by the revenue generated from projects which were commissioned during the quarter ended December 31, 2019 until December 31, 2020 and additional revenue of INR 63 million (US$ 0.9 million) for the recovery of Safe Guard Duties and Goods and Service Tax under the change in law provision of our PPAs for four of our projects. We estimate that our revenues were negatively impacted by approximately INR 126 million (US$ 1.7 million) on account of adverse weather conditions resulting in low insolation, as compared to our initial estimates, during the quarter.

Cost of Operations (Exclusive of Depreciation and Amortization)

Cost of operations for the quarter ended December 31, 2020 increased by 14.6% to INR 306 million (US$ 4.2 million) from INR 267 million in the quarter ended December 31, 2019. This increase in the cost of operations was primarily due to an increase in operational expenses from projects commissioned during the quarter ended December 31, 2019 until December 31, 2020.

The cost of operations per megawatt during the quarter ended December 31, 2020 is INR 0.16 million (~US$ 0.002 million), in line with the same comparable period ended December 31, 2019.

General and Administrative Expenses

General and administrative expenses for the quarter ended December 31, 2020 were INR 1,652 million (US$ 22.7 million), an increase of INR 983 million (US$ 13.5 million) compared to the quarter ended December 31, 2019. Higher general and administrative expense in the current quarter was primarily due to an increase in stock appreciation rights (SARs) expense of INR 1,259 million (US$ 17.2 million) compared to the quarter ended December 31, 2019, partially offset by lower provisions against receivables of INR 69 million (US$ 1.0 million), absence of management transition expense of INR 126 million, absence of interest charges on the safeguard duty on the import of modules by INR 82 million incurred during the same comparable period in 2019 and lower other cost due to cost reductions initiatives in travel, professional and other administrative expenses.

Stock Appreciation Rights Expenses

Stock appreciation rights expenses for the quarter ended December 31, 2020 were INR 1,318 million (US$ 18.1 million), an increase of INR 1,259 million (US$ 17.2 million) compared to the quarter ended December 31, 2019. The increase in SAR expense was primarily due to a change in accounting for capitalisation of SAR expense for the prior two quarters as well as a 37% increase in the share price during the quarter ended December 31, 2020, compared to the quarter ended September 30, 2020. During the quarter ending December 31, 2020, 175,000 SARs were exercised. As of December 31, 2020, 1,795,000 SARs were outstanding of which 1,642,500 SARs are not exercisable until 2024 on which the Company will not incur any cash payments until that time. Also, we have provided an updated statement of beneficial ownership of our key managerial personnel below.

Depreciation and Amortization Expenses

Depreciation and amortization expenses during the quarter ended December 31, 2020 increased by INR 80 million (US$ 1.1 million), or 11.2%, to INR 796 million (US$ 10.9 million) compared to the quarter ended December 31, 2019. The increase primarily relates to the additional depreciation on capital expenditures from projects commissioned between December 31, 2019 until December 31, 2020.

Interest Expense, Net

Net interest expense during the quarter ended December 31, 2020 decreased by INR 485 million (US$ 6.6 million), or 19.5% compared to the quarter ended December 31, 2019, to INR 1,996 million (US$ 27.3 million). The decrease reflected the absence of charges in the same quarter a year ago including INR 385 million of prepayment charges to settle existing loans from the proceeds from the issuance of a solar green bond, INR 124 million related to the extinguishment of a debt facility, and INR 96 million relating to the refinancing of a loan partially offset by an increase in interest expense (net) of INR 141 million related to projects commissioned during the past 12 months.

Gain/ Loss on Foreign Currency Exchange

The Indian Rupee («INR») appreciated against the U.S. dollar by INR 0.53 for every US$ 1.00 (or 0.7%) during the period from September 30, 2020 to December 31, 2020. During the quarter ended December 31, 2020, the Company did not report a foreign exchange gain or loss compared to an expense on foreign exchange loss of INR 60 million, during the quarter ended December 31, 2019. During the current fiscal year, the Company refinanced a foreign currency loan of INR 3,099 million (US$ 42.4 million) into an INR denominated loan, which should reduce the impact of Gain /Loss on Foreign Currency Exchange going forward.

Other Expenses/ (Income)

Other expenses/ (income), primarily consists of income from current investments and other incidental expense. During the quarter ended December 31, 2020, the Company has reported other expense (net) of INR 9 million (US$ 0.1 million) compared to other income (net) of INR 24 million, during the quarter ended December 31, 2019, primarily due to lower income earned in current quarter from current investments.

Income Tax Income/ Expense

Income tax income during the quarter ended December 31, 2020 was INR 150 million (US$ 2.1 million), compared to an income tax expense of INR 236 million in the quarter ended December 31, 2019. The company recognised an INR 427 million (US$ 5.8 million) deferred tax benefit during the quarter ended December 31, 2020 related to higher SAR expenses which was the primary reason for the year on year improvement in the Company’s net tax expense.

Net Loss

Net loss for the quarter ended December 31, 2020 was INR 1,088 million (US$ 14.9 million), a reduction of INR 270 million (US$ 3.7 million) compared to a loss of INR 1,358 million for the quarter ended December 31, 2019. The loss in the quarter ended December 31, 2020 included higher expense of INR 1,259 million (US$ 17.2 million) related to stock appreciation right expenses.

The year-on-year improvement reflected higher revenues from projects commissioned over the past year as well as the absence of charges in the same quarter last year of INR 385 million of prepayment charges to settle existing loans from the proceeds from the issuance of a solar green bond, INR 124 million related to the extinguishment of a debt facility, INR 96 million relating to refinancing of a loan, INR 126 million related to management transition, and INR 82 million of interest charges on the safeguard duty on the import of modules.

Cash Flow and Working Capital

Cash flow from operating activities for the quarter and nine months ended December 31, 2020 was INR 435 million (US$ 5.9 million) and INR 2,866 million (US$ 39.3 million), respectively, compared to INR 777 million and INR 1,840 million, respectively, for the prior comparable period. The cash flow from operating activities during the quarter was lower on account of an additional semi-annual payment of INR 352 million (US$ 4.8 million) of bond interest on the new US$ 350 million solar green bond issued in September 2019 offset by additional revenue. The cash flow from operating activities during the nine months was higher on account of additional revenue partly offset by higher interest payments.

During the quarter ended December 31, 2020, working capital outflow was INR 766 million (US$ 10.5 million), compared to an inflow of INR 123 million, for the quarter ended December 31, 2019, primarily on account of an additional semi-annual payment of interest on the green bonds described above. During the nine months ended December 31, 2020, the working capital outflow was INR 1,632 million (US$ 22.2 million), compared to an outflow of INR 436 million, for the nine months ended December 31, 2019 primarily on account of the same additional semi-annual payment of interest on the green bonds partially offset by better collections of accounts receivables.

The Company’s days receivables during the current quarter were 113 days, as of December 31, 2020, as compared to 119 days as of December 31, 2019, reflecting improved collections.

Cash used in investing activities for the quarter ended December 31, 2020 was INR 5,689 million (US$ 77.9 million), compared to INR 6,574 million for the same quarter in 2019, primarily due to lower investments in mutual funds by INR 4,107 million (US$ 56.3 million) partially offset by higher capital expenditures for new solar projects of INR 3,231 million (US$ 44.3 million), as compared to the same period in 2019. Cash used in investing activities for the nine months ended December 31, 2020 was INR 12,863 million (US$ 176.3 million), compared to INR 21,940 million for the same period in 2019, primarily due to lower capital expenditures for new solar projects amounting to INR 3,951 million (US$ 54.1 million) and lower investment in mutual funds amounting to INR 5,100 million (US$ 69.9 million), as compared to the same period in 2019.

Cash flow from financing activities for the quarter ended December 31, 2020 was INR 4,974 million (US$ 68.1 million) compared to a use of INR 13,855 million, as compared to the same period in 2019, primarily due to proceeds of short term debt taken for purchases of modules during current period, whilst there was a INR 19,419 million of loans repaid in the year ago quarter post the issuance of a solar green bonds in September 2019. Cash flow from financing activities for the nine months ended December 31, 2020 was INR 8,330 million (US$ 114.1 million) compared to INR 15,911 million, as compared to the same period in 2019, primarily reflecting an equity raise of INR 5,314 million (US$ 72.8 million) and net proceeds from the issuance of solar green bonds amounting to US$ 350 million and other term loans during same period in 2019.

Liquidity Position

As of December 31, 2020, the Company had INR 8,915 million (US$ 122.1 million) of cash, cash equivalents and current investments. In addition, the Company has INR 4,594 million (US$ 62.9 million) of short-term restricted cash at December 31, 2020 that we expect to be utilised primarily for capital expenditures over the next twelve months. The Company had undrawn project debt commitments of INR 12,574 million (US$ 172.2 million) as of December 31, 2020.

Adjusted EBITDA

Adjusted EBITDA is a Non-GAAP metric, please refer to the reconciliation of Net Profit/(loss) to Adjusted EBITDA in this document.

Adjusted EBITDA was INR 1,563 million (US$ 21.3 million) for the quarter ended December 31, 2020, compared to INR 2,111 million for the quarter ended December 31, 2019. The decrease was primarily due to higher stock appreciation rights expenses of INR 1,259 million (US$ 17.2 million) during the quarter ended December 31, 2020, partially offset by the increase in revenue and lower corporate overhead.

Cash Flow to Equity (CFe) from Operating Assets

CFe is a Non-GAAP metric, please refer to the reconciliation of total CFe to GAAP Cash from Operating Activities in this document.

Cash Flow to Equity from Operating Assets was INR 1,231 million (US$ 16.8 million) for the quarter ended December 31, 2020, an increase of 142% compared to INR 509 million for the quarter ended December 31, 2019. The increase in Cash Flow to Equity from Operating Assets was primarily driven by higher revenues from the completion of new projects during the previous 12 months and cost reductions in corporate expenses.

COVID-19 Update

We are continuously monitoring the COVID-19 situation and taking the requisite steps to address the situation. Our project construction activities are gradually coming back to normal levels. Our operational and maintenance activities continue to perform at normal levels.

Other matters

During the current quarter, the Company has converted RSU issued to its Board members into Restricted Shares (RS) at the then current share price on the date of conversion. There is no material financial impact on the statement of operations and the liability related to Restricted Shares is reclassified to equity.

Guidance for Fiscal Year 2021 and 2022

The following statements are based on our current expectations. These statements are forward-looking and actual results may differ materially. For fiscal year ending March 31, 2021, we expect MWs operational and revenues will be at the lower end of the previously guidance range. For the fourth fiscal quarter of 2021, we expect revenues of between INR 4,335– INR 4,435 million (or US$ 59– US$ 61 million at the December 31, 2020 exchange rate of INR 73.01 to US$ 1.00) and a PLF of between 22.0% and 23.0%.

For the fiscal year ending March 31, 2022, we expect MWs operational to be between 2,900 – 3,115. We expect revenues of between INR 17,900 – 18,900 million (or US$ 245 – 259 million converted at the December 31, 2020 exchange rate of INR 73.01 to US$ 1.00).

Webcast and Conference Call Information

The Company will hold its quarterly conference call to discuss earnings results on Thursday, February 11, 2021 at 8:30 a.m. U.S. Eastern Time. The conference call can be accessed live by dialing +1-866-746-2133 (in the U.S.) and +91-22-6280-1444 (outside the U.S.) and reference the Azure Power Fiscal Third Quarter 2021 Earnings Conference Call.

Investors may access a live webcast of this conference call by visiting http://investors.azurepower.com/events-and-presentations. For those unable to listen to the live broadcast, an archived podcast will be available approximately two hours after the conclusion of the call at http://investors.azurepower.com/events-and-presentations.

Exchange Rates

This press release contains translations of certain Indian rupee amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, the translation of Indian rupees into U.S. dollars has been made at INR 73.01 to US$1.00, which is the noon buying rate in New York City for cable transfer in non-U.S. currencies as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2020. The Company makes no representation that the Indian rupee or U.S. dollar amounts referred to in this press release could have been converted into U.S. dollars or Indian rupees, as the case may be, at any particular rate or at all.

About Azure Power Global Limited

Azure Power is a leading independent solar power producer in India. Azure Power developed India’s first private utility scale solar project in 2009 and has been at the forefront in the sector as a developer, constructor and operator of utility scale, micro-grid and rooftop solar projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power manages the entire development and operation process, providing low-cost solar power solutions to customers throughout India.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s 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 the Company’s 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; its limited operating history, particularly as a relatively new public Company; its ability to attract and retain its relationships with third parties, including its solar partners; the Company’s ability to meet the covenants in its debt facilities; meteorological conditions; issues related to the corona virus; supply disruptions; solar power curtailments by state electricity authorities and such other risks identified in the registration statements and reports that the Company has filed with the U.S. Securities and Exchange Commission, or SEC, from time to time. Portfolio represents the aggregate megawatts capacity of solar power plants pursuant to PPAs, signed or allotted or has received the LOA. There is no assurance that we will be able to sign a PPA even though we have a letter of award. All forward-looking statements in this press release are based on information available to us as of the date hereof, and the Company assumes no obligation to update these forward-looking statements.

Use of Non-GAAP Financial Measures

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure. The Company presents Adjusted EBITDA as a supplemental measure of its performance. This measurement is not recognized in accordance with U.S. GAAP and should not be viewed as an alternative to U.S. GAAP measures of performance. The presentation of Adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.

The Company defines Adjusted EBITDA as loss (income) plus (a) income tax expense, (b) interest expense, net, (c) depreciation and amortization and (d) loss (income) on foreign currency exchange, net and (e) Other expenses/ (income). The Company believes Adjusted EBITDA is useful to investors in assessing the Company’s ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s operational profitability and that may obscure underlying business results and trends. However, this measure should not be considered in isolation or viewed as a substitute for net income or other measures of performance determined in accordance with U.S. GAAP. Moreover, Adjusted EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the methods of calculation.

The Company’s management believes this measure is useful to compare general operating performance from period to period and to make certain related management decisions. Adjusted EBITDA is also used by securities analysts, lenders and others in their evaluation of different companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be highly dependent on a Company’s capital structure, debt levels and credit ratings. Therefore, the impact of interest expense on earnings can vary significantly among companies. In addition, the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. As a result, effective tax rates and tax expense can vary considerably among companies.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under U.S. GAAP. Some of these limitations include:

it does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments or foreign exchange gain/loss;
it does not reflect changes in, or cash requirements for, working capital;
it does not reflect significant interest expense or the cash requirements necessary to service interest or principal payments on outstanding debt;
it does not reflect payments made or future requirements for income taxes; and
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or paid in the future and Adjusted EBITDA does not reflect cash requirements for such replacements or payments.

Investors are encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. For more information, please see the Reconciliations of Net Profit/(loss) to Adjusted EBITDA in this document.

Cash Flow to Equity (CFe)

Cash Flows to Equity is a Non-GAAP financial measure. We present CFe as a supplemental measure of our performance. This measurement is not recognized in accordance with U.S. GAAP and should not be viewed as an alternative to U.S. GAAP measures of performance. The presentation of CFe should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

We believe GAAP metrics, such as net income (loss) and cash from operating activities, do not provide the same level of visibility into the performance and prospects of our operating business as a result of the long term capital-intensive nature of our businesses, non-cash depreciation and amortization, cash used for debt servicing as well as investments and costs related to the growth of our business.

Our business owns high-value, long-lived assets capable of generating substantial Cash Flows to Equity over time. We define CFe as profit before tax (the most comparable GAAP metric), adjusted for net cash provided for/ used in operating activities, other than changes in operating assets and liabilities, income and deferred taxes and amortization of hedging costs; less: cash paid for income taxes, debt amortization and maintenance capital expenditure.

We believe that changes in operating assets and liabilities is cyclical for cash flow generation of our assets, due to a high growth environment. Furthermore, to reflect the actual cash outflows for income tax, we deduct income and deferred taxes computed under US GAAP presented in our consolidated financial statements and instead include the actual cash tax outflow during the period, are considered as part of tax expense.

We believe that external consumers of our financial statements, including investors and research analysts, use CFe both to assess Azure Power’s performance and as an indicator of its success in generating an attractive risk-adjusted total return, assess the value of the business and the platform. This has been a widely used metric by analysts to value our business, and hence we believe this will better help potential investors in analysing the cash generation from our operating assets.

We have disclosed CFe for our operational assets on a consolidated basis, which is not the cash from operations of the Company on a consolidated basis. We believe CFe supplements GAAP results to provide a more complete understanding of the financial and operating performance of our businesses than would not otherwise be achieved using GAAP results alone. CFe should be used as a supplemental measure and not in lieu of our financial results reported under GAAP.

We have also bifurcated the CFe into «Operational Assets» and «Others», as defined below, so that users of our financial statements are able to understand the Cash generation from our operational assets.

We define our «Operational Assets», as the projects which had commenced operations on or before December 31, 2020. The operational assets represent the MWs operating as on the date.

We define «Others» as (i) the project SPV’s which are under construction, or under development, (ii) «corporate» which includes our three Mauritius entities, (iii)other projects not covered under operational assets, (iv) a company incorporated in the United States and (v) other entities under the group which are newly incorporated.

We define «debt amortisation» as the current portion of long-term debt which has been repaid during the period as part of debt repayment obligations, excluding the debt which has been repaid before maturity or refinanced. It does not include the amortisation of debt financing costs or interest paid during the period.

Other items from the Statement of Cash Flows include most of the items that reconcile «Net (loss) gain» and «Changes in operating assets and liabilities» from the Statement of Cash Flows, other than deferred taxes, non-cash employee benefit and amortization of hedging costs.

Investor Relation Contacts:

For investor enquiries, please contact Nathan Judge, CFA at ir@azurepower.com. For media related information, please contact Samitla Subba at pr@azurepower.com, +91-11- 4940 9854.

AZURE POWER GLOBAL LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(INR and US$ amounts in millions, except share and par value data)

	As of March 31,		As of December 31,
	2020		2020		2020
	(INR)		(INR)		(US$)
	(Audited)		(Unaudited)		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		9,792		8,915		122.1
Restricted cash		4,877		4,594		62.9
Accounts receivable, net		4,456		4,534		62.1
Prepaid expenses and other current assets		1,619		1,982		27.1
Total current assets		20,744		20,025		274.2
Restricted cash		848		323		4.4
Property, plant and equipment, net		95,993		109,460		1,499.3
Software, net		55		34		0.5
Deferred income taxes		2,205		2,423		33.2
Right-of-use assets		4,434		4,256		58.3
Other assets		8,115		7,449		102.0
Investments in held to maturity securities		7		7		0.1
Total assets		132,401		143,977		1,972.0
Liabilities and shareholders‘ equity
Current liabilities:
Short-term debt		975		4,257		58.3
Accounts payable		1,795		1,975		27.1
Current portion of long-term debt		2,303		5,942		81.4
Income taxes payable		50		91		1.2
Interest payable		1,716		596		8.2
Deferred revenue		110		111		1.5
Lease liabilities		256		294		4.0
Other liabilities		2,020		5,146		70.5
Total current liabilities		9,225		18,412		252.2
Non-current liabilities:
Long-term debt		86,586		87,699		1,201.2
Deferred revenue		2,129		2,125		29.1
Deferred income taxes		2,622		2,266		31.0
Asset retirement obligations		741		891		12.2
Leases liabilities		3,592		3,301		45.2
Other liabilities		289		2,075		28.4
Total liabilities		105,184		116,769		1,599.3
Shareholders‘ equity
Equity shares, US$ 0.000625 par value; 47,650,750 and 48,170,194 shares issued and outstanding as of March 31, 2020 and December 31, 2020, respectively		2		2		0.0
Additional paid-in capital		37,533		37,977		520.2
Accumulated deficit		(8,580)		(9,991)		(136.8)
Accumulated other comprehensive loss		(1,937)		(980)		(13.4)
Total APGL shareholders‘ equity		27,018		27,008		370.0
Non-controlling interest		199		200		2.7
Total shareholders‘ equity		27,217		27,208		372.7
Total liabilities and shareholders‘ equity		132,401		143,977		1,972.0

AZURE POWER GLOBAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(INR and US$ amounts in millions, except share and per share data)

	Three months ended December 31,						Nine months ended December 31,
	Unaudited						Unaudited
	2019		2020		2020		2019		2020		2020
	INR		INR		US$		INR		INR		US$
Operating revenues:
Revenue from customers⁽¹⁾		3,047		3,521		48.2		9,283		10,965		150.2
Operating costs and expenses:
Cost of operations (exclusive of depreciation and amortization shown separately below)		267		306		4.2		817		878		12.0
General and administrative⁽²⁾		669		1,652		22.7		1,722		2,899		39.7
Depreciation and amortization		716		796		10.9		2,010		2,324		31.8
Total operating costs and expenses:		1,652		2,754		37.8		4,549		6,101		83.5
Operating income		1,395		767		10.4		4,734		4,864		66.7
Other expense, net:
Interest expense, net⁽²⁾		2,481		1,996		27.3		5,968		6,182		84.8
Other expenses/ (income)⁽²⁾		(24)		9		0.1		(23)		18		0.2
Loss (gain) on foreign currency exchange, net		60		—		—		325		4	0.0
Total other expenses, net		2,517		2,005		27.4		6,270		6,204		85.0
Loss before income tax		(1,122)		(1,238)		(17.0)		(1,536)		(1,340)		(18.3)
Income tax income/(expense)		(236)		150		2.1		(407)		(70)		(1.0)
Net Loss		(1,358)		(1,088)		(14.9)		(1,943)		(1,410)		(19.3)
Less: Net (loss) / profit attributable to non-controlling interest		(16)		(4)		(0.1)		(42)		1	0.0
Net loss attributable to APGL equity Shareholders		(1,342)		(1,084)		(14.8)		(1,901)		(1,411)		(19.3)
Net loss per share attributable to APGL equity Shareholders:
Basic		(31.62)		(22.54)		(0.31)		(45.77)		(29.45)		(0.40)
Diluted		(31.62)		(22.54)		(0.31)		(45.77)		(29.45)		(0.40)
Shares used in computing basic and diluted per share amounts
Equity shares: Basic		42,427,002		48,097,469		48,097,469		41,522,750		47,911,357		47,911,357
Equity shares: Diluted		42,427,002		48,097,469		48,097,469		41,522,750		47,911,357		47,911,357

⁽¹⁾ Revenue from customers is in accordance with ASC 606, includes sale of power, other revenue items related to generation from solar power.

⁽²⁾During the current period we classified mutual fund income and certain immaterial financing related charges from interest expense and general and administrative expenses, respectively to other expenses/(income). Accordingly, the prior period items have been reclassed to conform with the current year presentation

AZURE POWER GLOBAL LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(INR and US$ amounts in millions)

	Three months ended December 31,						Nine months ended December 31,
	Unaudited						Unaudited
	2019		2020		2020		2019		2020		2020
	INR		INR		US$		INR		INR		US$
Cash flow from operating activities:
Net loss		(1,358)		(1,088)		(14.9)		(1,943)		(1,410)		(19.3)
Adjustments to reconcile gain/(loss) to net cash from/ (used in) operating activities:
Deferred income taxes		190		(485)		(6.7)		161		(383)		(5.3)
Depreciation and amortization		716		796		10.9		2,010		2,324		31.8
Adjustments to derivative instruments		412		481		6.6		932		1,454		19.9
Loss on disposal of property plant and equipment		14		4		0.1		14		12		0.2
Share based compensation		103		1,330		18.2		140		1,924		26.3
Amortization of debt financing costs		296		82		1.1		575		268		3.7
Realized gain on investments		(31)		–		–		(35)		–		–
Provision for employee benefits		(12)		10		0.1		31		43		0.6
ARO accretion⁽¹⁾		12	11		0.2			33	31		0.4
Non- cash rent expense		48		103		1.4		84		129		1.8
Allowance for doubtful accounts		39		14		0.2		73		51		0.7
Loan Prepayment charges		216		23		0.3		251		257		3.5
Foreign exchange loss/(gain) , net		60		–		–		325		4		0.1
Change in operating lease right-of-use assets		(347)		(275)		(3.8)		(1,195)		(203)		(2.9)
Change in operating lease liabilities		296		195		2.7		820		(3)	(0.0)
Changes in operating assets and liabilities:
Accounts receivable		71		(119)		(1.6)		(724)		(129)		(1.8)
Prepaid expenses and other current assets		243		14		0.2		144		(200)		(2.7)
Other assets		(382)		100		1.4		(224)		(38)		(0.5)
Accounts payable		(178)		(26)		(0.4)		130		(147)		(2.0)
Interest payable		(110)		(826)		(11.3)		(84)		(1,112)		(15.2)
Deferred revenue		(9)		10		0.1		148		(3)	(0.0)
Other liabilities		488		81		1.1		174		(3)	(0.0)
Net cash flows provided by operating activities		777		435		5.9		1,840		2,866		39.3
Cash flow from investing activities
Purchase of property plant and equipment⁽¹⁾		(2,458)		(5,689)		(77.9)		(16,807)		(12,856)		(176.2)
Purchase of software		(9)		–		–		(33)		(7)		(0.1)
Purchase of available for sale investments		(17,971)		–		–		(21,362)		–		–
Sale of available for sale investments		13,864		–		–		16,262		–		–
Net cash flows used in investing activities		(6,574)		(5,689)		(77.9)		(21,940)		(12,863)		(176.3)

Cash flows from financing activities
Proceeds from issuance of green bonds		–		–		–		24,400		–		–
Proceeds from equity shares		5,290		118		1.6		5,314		389		5.3
Repayments of term and other debt		(19,419)		(1,539)		(21.1)		(30,607)		(7,243)		(99.2)
Loan prepayment charges		(216)		(23)		(0.3)		(251)		(257)		(3.5)
Proceeds from term and other debt		490		6,418		87.9		17,055		15,441		211.5
Net cash provided by/ (used in) financing activities		(13,855)		4,974		68.1		15,911		8,330		114.1
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(86)		65		0.9		(123)		(18)		(0.2)
Net increase/ (decrease) in cash and cash equivalents and restricted cash		(19,652)		(280)		(3.9)		(4,189)		(1,667)		(22.9)
Cash and cash equivalents and restricted cash at the beginning of the period		29,412		14,047		192.4		13,986		15,517		212.5
Cash and cash equivalents and restricted cash at the end of the period		9,674		13,832		189.4		9,674		13,832		189.4

⁽¹⁾Figures of prior comparable period have been regrouped/reclassified to conform with the current year presentation of ARO accretion.

AZURE POWER GLOBAL LIMITED
Unaudited NON-GAAP metrices
(INR and US$ amounts in millions)

CASH FLOWS TO EQUITY (CFe)

	For the three months ended December 31, 2019								For the three months ended December 31, 2020
	Unaudited								Unaudited
	Total				Other		Operating		Total			Other		Operating		Operating
	INR				INR		INR		INR			INR		INR		US$
Revenue from customers		3,047				—		3,047		3,521			—		3,521		48.2
Cost of operations		267				—		267		306			—		306		4.2
General and administrative		669				352		317		1,652			1,536		116		1.6
Depreciation and amortization		716				11		705		796			10		786		10.8
Operating income/ (loss)		1,395				(363)		1,758		767			(1,546)		2,313		31.6
Interest expense, net		2,481				114		2,367		1,996			217		1,779		24.4
Other expenses/ (income)		c(24	)			(20)		(4)		9			—		9		0.1
Loss/(gain) on foreign currency exchange, net		60				20		40		—			3		(3)	(0.0)
Profit/ (Loss) before income tax		(1,122)				(477)		(645)		(1,238)			(1,766)		528		7.1
Add: Depreciation and amortization		716				11		705		796			10		786		10.8
Add: Loss/(gain) on foreign currency exchange, net		60				20		40		—			3		(3)	(0.0)
Add: Amortization of debt financing costs		296				20		276		82			22		60		0.8
Add: Other items from Statement of Cash Flows⁽¹⁾		389				64		325		1,495			1,357		138		1.9
Less: Cash paid for income taxes		(185)				(67)		(118)		(173)			(44)		(129)		(1.8)
Less: Debt amortization⁽²⁾		(74)				—		(74)		(149)			—		(149)		(2.0)
Less: Maintenance capital expenditure⁽³⁾		—				—		—		—			—		—		—
CFe		80		⁽⁴⁾		(429)		509		813	⁽⁴⁾		(418)		1,231		16.8

	For the nine months ended December 31, 2019								For the nine months ended December 31, 2020
	Unaudited								Unaudited
	Total				Other		Operating		Total			Other		Operating		Operating
	INR				INR		INR		INR			INR		INR		US$
Revenue from customers		9,283				—		9,283		10,965			—		10,965		150.2
Cost of operations		817				—		817		878			—		878		12.0
General and administrative		1,722				970		752		2,899			2,458		441		6.0
Depreciation and amortization		2,010				30		1,980		2,324			29		2,295		31.4
Operating income/ (loss)		4,734				(1,000)		5,734		4,864			(2,487)		7,351		100.8
Interest expense, net		5,968				493		5,475		6,182			603		5,579		76.4
Other expenses/ (income)		(23)				(24)		1		18			—		18		0.2
Loss/(gain) on foreign currency exchange, net		325				92		233		4			—		4		0.1
Profit/ (Loss) before income tax		(1,536)				(1,561)		25		(1,340)			(3,090)		1,750		24.1
Add: Depreciation and amortization		2,010				30		1,980		2,324			29		2,295		31.4
Add: Loss/(gain) on foreign currency exchange, net		325				92		233		4			—		4		0.1
Add: Amortization of debt financing costs		575				116		459		268			43		225		3.1
Add: Other items from Statement of Cash Flows⁽¹⁾		591				127		464		2,447			1,962		485		6.6
Less: Cash paid for income taxes		(392)				(108)		(284)		(447)			(131)		(316)		(4.3)
Less: Debt amortization⁽²⁾		(530)				—		(530)		(514)			—		(514)		(7.0)
Less: Maintenance capital expenditure⁽³⁾		—				—		—		—			—		—		—
CFe		1,043		⁽⁴⁾		(1,304)		2,347		2,742	⁽⁴⁾		(1,187)		3,929		54.0

(1) Other items from the Statement of Cash Flows. For the quarter ended December 31, 2019 and December 31, 2020, respectively, other items include: loss on disposal of property plant and equipment of INR 14 million and INR 4 million, share based compensation of INR 103 million and INR 1,330 million, realized gain on investment of INR 31 million and INR Nil, non-cash rent expense of INR 48 million and INR 103 million, allowance for doubtful debts of INR 39 million and INR 14 million, employee benefit expense of INR (12) million and INR 10 million, loan repayment charges of INR 216 million and INR 23 million and ARO accretion of INR 12 million and INR 11 million.

For the nine months ended December 31, 2019 and December 31, 2020, respectively, other items include: loss on disposal of property plant and equipment of INR 14 million and INR 12 million, share based compensation of INR 140 million and INR 1,924 million, realized gain on investment of INR 35 million and INR Nil, non-cash rent expense of INR 84 million and INR 129 million, allowance for doubtful debts of INR 73 million and INR 51 million, employee benefit expense of INR 31 million and INR 43 million, loan repayment charges of INR 251 million and INR 257 million and ARO accretion of INR 33 million and INR 31 million.

(2) Debt Amortization: Repayments of term and other loans during the quarter ended December 31, 2020, was INR 1,539 million (refer to the Statement of Cash Flows) which includes INR 1,390 million related to refinancing of loans or early repayment of debt before maturity and have been excluded to determine debt amortization of INR 149 million (US$ 2.0 million). Repayments of term and other loans during the quarter ended December 31, 2019, was INR 19,419 million (refer to the Statement of Cash Flows) which includes INR 19,345 million related to refinancing of loans or early repayment of debt before maturity and has been excluded to determine debt amortization of INR 74 million.

Repayments of term and other loans during the nine months ended December 31, 2020, was INR 7,243 million (refer to the Statement of Cash Flows) which includes INR 6,729 million related to refinancing of loans or early repayment of debt before maturity and have been excluded to determine debt amortization of INR 514 million (US$ 7.0 million). Repayments of term and other loans during the nine months ended December 31, 2019, was INR 30,607 million (refer to the Statement of Cash Flows) which includes INR 30,077 million related to refinancing of loans or early repayment of debt before maturity and has been excluded to determine debt amortization of INR 530 million.

(3) Classification of Maintenance capital expenditures and Growth capital expenditures

All our capital expenditures are considered growth capital expenditures. In broad terms, we expense all expenditures in the current period that would primarily maintain our businesses at current levels of operations, capability, profitability or cash flow in operations and maintenance and therefore there are no Maintenance capital expenditures. Growth capital expenditures primarily provide new or enhanced levels of operations, capability, profitability or cash flows.

(4) Reconciliation of total CFe to GAAP Cash from Operating Activities:

	For the three months ended December 31, 2019		For the three months ended December 31, 2020		For the nine months ended December 31, 2019		For the nine months ended December 31, 2020
	Unaudited				Unaudited
CFe (Non-GAAP)		80		813		1,043		2,742
Items included in GAAP Cash from Operating Activities but not considered in CFe
Change in operating assets and liabilities as per statement of cash flows		123		(766)		(436)		(1,632)
Current income taxes		(46)		(335)		(246)		(453)
Prepaid lease payments and employee benefits		(51)		(80)		(375)		(206)
Amortization of hedging costs		412		481		932		1,454
Items included in CFe but not considered in GAAP Cash Flow from Operating Activities:
Debt amortization		74		149		530		514
Cash taxes paid		185		173		392		447
Cash from Operating Activities (GAAP)		777		435		1,840		2,866

Reconciliation of Net Loss to Adjusted EBITDA for the periods indicated:

	Unaudited						Unaudited
	Three months ended December 31,						Nine months ended December 31,
	2019		2020		2020		2019		2020		2020
	INR		INR		US$		INR		INR		US$
Net Loss		(1,358)		(1,088)		(14.9)		(1,943)		(1,410)		(19.3)
Income tax expense/ (income)		236		(150)		(2.1)		407		70		1.0
Interest expense, net		2,481		1,996		27.3		5,968		6,182		84.8
Other expenses/ (income)		(24)		9		0.1		(23)		18		0.2
Depreciation and amortization		716		796		10.9		2,010		2,324		31.8
Loss/ (gain) on foreign currency exchange, net		60		–		–		325		4	0.0
Adjusted EBITDA		2,111		1,563		21.3		6,744		7,188		98.5

Statement of beneficial ownership:

Name	Number shares beneficially owned		(%)
Directors and Officers:
Barney S. Rush (Director)		—		—
Arno Harris (Director)		10,292		0.02	%
Cyril Sebastien Dominique Cabanes (Director)		—		—
Yung Oy Pin (Jane) Lun Leung (Director)		—		—
Deepak Malhotra (Director)		—		—
Muhammad Khalid Peyrye (Director)		—		—
Supriya Prakash Sen (Director)		—		—
M S Unnikrishnan (Director)		—		—
Ranjit Gupta (CEO & Director)		—		⁽¹⁾
Murali Subramanian (COO)		—		⁽¹⁾
Pawan Kumar Agrawal (CFO)		—		—
Kapil Kumar		—		—
Gaurang Sethi		—		—
Samitla Subba		—		—
Nathan Judge		32,764		0.07	%
Kuldeep Jain		—		—

⁽¹⁾ As of December 31, 2020, Mr Ranjit Gupta (CEO) and Mr Murali Subramanian (COO), had total of a total of 1,795,000 SARs of which 1,642,500 SARs are not exercisable until 2024. (refer to our most recently filed 20F for details about the compensation plan for our senior management).

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SOURCE Azure Power

Acceptance Insurance Launches $100K «Get A Smile, Give A Smile» Sweepstakes

NASHVILLE, Tenn., Feb. 10, 2021 /PRNewswire-HISPANIC PR WIRE/ — With the goal of spreading more smiles in 2021, Acceptance Insurance is living out its corporate mission. Through the launch of its «Get A Smile, Give A Smile» sweepstakes, the Acceptance team will help hard-working people who are dealing…

The overall goal for this sweepstakes is for people to live out the Acceptance service vision—to Take Care of Each Other. President & COO of Acceptance Insurance Larry Willeford affirms, «In such a challenging year for so many, Acceptance is thrilled to be able to make a tangible difference in individuals’ lives and within the communities we serve.»

Winners will receive a Visa gift card and be able to direct a matching donation to charities that embody the «Take Care of Each Other» spirit: the American Red Cross, Feeding America, The Humane Society of the United States, Wounded Warrior Project, Habitat for Humanity, or Big Brothers Big Sisters of America. «Specifically during this past year, more families are showing up to food banks than ever before, pet adoptions have increased, and mental wellness has suffered tremendously. So, whether it’s providing compassionate care to those in need, fighting against cruelty and neglect, or feeding hungry families, Acceptance is committed to walking side by side with these wonderful organizations that are making such an impact,» said Willeford.

Now through April 16th, 2021, participants can enter at local Acceptance Insurance agencies or by visiting www.acceptance.com/smile. With a giveaway grand total of $100,000, 85 winners will be selected from entries throughout all Acceptance Insurance markets across the U.S. Five grand prizes of $10,000 each will be awarded with $5,000 going to the winner and $5,000 donated in the winner’s name to one of the partner charities by Acceptance. In addition to the grand prizes, there will also be 10 prizes awarded at $2,000 each, 20 prizes at $1,000 each, and 50 prizes of $200. These prizes also include Visa gift card awards for the winner, with a matching donation by Acceptance to a partner charity.

To learn more about the «Get a Smile, Give a Smile» sweepstakes or to enter, visit www.acceptance.com/smile.

About Acceptance Insurance
Acceptance Insurance (FACO) is both an omnichannel insurance agency and insurance carrier operating in 15 states across 338 retail locations. Their team of 1300-plus focuses on developing long-term relationships with historically underserved customers and those who prefer more flexible payment schedules and greater risk tolerance. Local community engagement, supported by robust digital messaging on owned and earned platforms, gives each agency a local feel and the resources of an institutional carrier.

The technology that powers their claims department and the values that comprise the Acceptance culture both serve their mission: passionately helping hard-working people deal with life’s uncertainty. This commitment to service is evident in their A+ rating from the Better Business Bureau.

Additional information can be found online at www.acceptance.com.

Media Contact:
Samantha Pyle
(615) 987-3300
samantha@greenapplestrategy.com

SOURCE Acceptance Insurance

Acceptance Insurance Launches $100K «Get A Smile, Give A Smile» Sweepstakes

NASHVILLE, Tenn., Feb. 10, 2021 /PRNewswire/ — With the goal of spreading more smiles in 2021, Acceptance Insurance is living out its corporate mission. Through the launch of its «Get A Smile, Give A Smile» sweepstakes, the Acceptance team will help hard-working people who are dealing with life’s…

To learn more about the «Get a Smile, Give a Smile» sweepstakes or to enter, visit www.acceptance.com/smile.

Additional information can be found online at www.acceptance.com.

Media Contact:
Samantha Pyle
(615) 987-3300
samantha@greenapplestrategy.com

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SOURCE Acceptance Insurance

Frost & Sullivan Experts to Analyze Economic Outlook of a Post-pandemic 2021

Upcoming webinar to outline top 2021 predictions and growth opportunities expected to transform the global economic landscape

SANTA CLARA, Calif., Feb. 10, 2021 /PRNewswire/ — The global economy went through an extremely turbulent phase in 2020 due to worldwide lockdowns, a crash in oil prices, trade and business restrictions and so on. However, economic recovery is expected to pick up in 2021, with easing restrictions, mass vaccine targets, demand-side revival and continued stimulus support. Full gross domestic product (GDP) recovery is expected by Q4 2021 under a baseline scenario. This timeline is subject to change based on the extent of government support and the length and scale of restrictions.

Join Frost & Sullivan experts Aroop Zutshi, Partner; Neha Anna Thomas, Senior Economist; and Craig Parker, Research Director, for the upcoming Growth Opportunity briefing, «2021 Global Economic Outlook,» on February 17 at 11 a.m. EST. They will focus on the top economic trends to watch out for, key regional risks, recovery patterns and growth opportunities across countries and regions.

For more information and to register for the webinar, please visit: http://frost.ly/57z

Attend this briefing to:

Discover top 2021 economic predictions stemming from factors such as easing restrictions, vaccine administration and prolonged low-interest rates.
Identify top global economic trends and risks to watch out for in 2021 in regards to Brexit, oil prices, stimulus measures and other economic developments.
Review key 2021 predictions for advanced and emerging economies across the globe and their path to post-pandemic recovery, ranging from gradual and slow growth to a double-dip recession.
Learn more about global GDP growth recovery patterns under the baseline, optimistic, and pessimistic scenarios, taking into consideration disease spread and vaccine deployment, employment conditions and stimulus support.
Uncover growth and investment opportunities tied to regional recovery curves and economic policies.
Engage in Q&A with a panel of senior economists and regional experts.

The event will also be recorded and available on-demand at http://frost.ly/1ti.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion

Press Contact:

Jaylon Brinkley
Frost & Sullivan
+1 (210) 247 2481
jaylon.brinkley@frost.com

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SOURCE Frost & Sullivan

We Are All Human y Estrella Hispana presentan la infografía «We Are Latino At Heart»

NUEVA YORK, 10 de febrero de 2021 /PRNewswire-HISPANIC PR WIRE/ — A pesar del hecho de que la comunidad hispana ha incrementado su representación e influencia en la industria del entretenimiento, aún hay muchos espacios en los que esta representación está lejos de ser una realidad.

<img id="prnejpgd88eleft" title=" " border="0" alt=" " align="middle" imagelabel="General"…

Acerca de We Are All Human
We Are All Human es una fundación dedicada a impulsar las iniciativas de equidad, diversidad e inclusión. Nuestra visión es que cada ser humano valore a cada ser humano. Nuestra misión es abogar para que cada persona sea respetada y empoderada, enfocándonos en nuestro sentido común de humanidad. Al enfocarnos en los valores universales que nos hacen humanos a todos, podemos llegar a puntos de convergencia, eliminar la discriminación y lograr una sociedad más equitativa.

Contacto para los medios:
Marisa García de Celis
marisa@weareallhuman.org
+52 3314178702

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FUENTE We Are All Human

Inovis Energy Welcomes Brad Hinkley as Director of Business Development

GRAND RAPIDS, Mich., Feb. 10, 2021 /PRNewswire/ — Inovis Energy, Inc. a national turn-key energy efficiency firm, is pleased to welcome <a target="_blank"…

GRAND RAPIDS, Mich., Feb. 10, 2021 /PRNewswire/ — Inovis Energy, Inc. a national turn-key energy efficiency firm, is pleased to welcome Brad Hinkley as Director of Business Development. A versatile industry leader, Brad brings an extensive background in energy efficiency, renewables, and EV charging stations. He holds a great understanding of working with national accounts and will leverage his industry knowledge and relationships to ensure that Inovis Energy’s customer offerings continue to be first-class as the company grows.

As Director of Business Development, Brad will be responsible for forging new business opportunities and building meaningful partnerships, and creating an exceptional customer retention strategy that is repeatable and scalable. He will also be a key component in expanding Inovis Energy’s electric vehicle supply equipment (EVSE) side of the business, in addition to expanding their national reach of energy efficiency programs.

«Brad has a deep understanding of the EV charging marketplace and available incentives. Additionally, he knows what our customer base needs to take advantage of aggressive incentive programs in strategic locations,» said Gabriel Andreson, President and Co-founder «Above all, his vast experience with the solutions we offer and the available rebate programs makes him a key player in our industry.»

Prior to Inovis, for the past two decades Hinkley has been wielding his relationship-building skills. Firstly, by developing partner relationships and customer support on the operations side. Later on, by working directly with clients to develop and deliver solutions. Most recently, he handled business development at Westside Solutions, Inc. While there, his focus was providing expertise to clients with EV charging infrastructure, LED lighting, commercial solar, control systems, HVAC and refrigeration equipment.

«I sincerely value the relationships I have built over the last decade serving the energy efficiency industry. I look forward to building upon that foundation to support Inovis,» Hinkley says of his role. «Joining Inovis was an easy decision. I had worked with the Inovis team for years in my previous role. I’ve experienced first-hand how their customer commitment and humble nature made them among the most reputable players in the industry. I’m excited to help expand their national presence and sustainability offerings, especially on the EV charging side.»

«It’s about time Brad came to work for Inovis,» said Dalton Ling, Vice President and Co-founder. «We’ve known him for a long time on the other side of the table. Moreover, we look forward to leveraging his vast EV charging knowledge and celebrated customer service for our clients nation-wide.»

About Inovis Energy, Inc.

Inovis Energy is a full-service design/build energy efficiency firm. Their mission is to provide exceptional turn-key solutions to their expanding customer base. Their focus is on implementing cost effective sustainability solutions in an innovative way, based on each customer’s specific goals. The team carries over 45 years’ experience in the industry. They are extremely well versed in lighting, mechanical, renewable energy, and EV supply equipment. They also have vast experience with incentive programs across the U.S. This comprehensive knowledge allows us to provide our customers with the highest value possible.

Press Contact:

Mark McClelland
617-544-3200 ext. 704
https://www.inovisenergy.com

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SOURCE Inovis Energy, Inc.

Lendinero Announces Plan to help Latino-owned businesses with multiple funding options

MIAMI, Feb. 10, 2021 /PRNewswire-PRWeb/ — Lendinero, a leading small business finance provider to minorities, announces new funding options for Latino-Owned businesses (LOBs). Lendinero is working in tandem with numerous lenders to facilitate Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), business lines of credit, and term loans. Lendinero, offers an online platform and agent support in English and Spanish.

Without a doubt, the second stimulus package will help out…

Without a doubt, the second stimulus package will help out many Latino businesses across the nation. According to Global Strategy Group, just 12% of black and Latino businesses who applied for PPP (Paycheck Protection Program) loans reported receiving what they asked for. Today, over 4 million Latinos are at risk of bankruptcy, as their businesses remain at risk.

«While we’re seeing some progress with allocating these funds to Latino-Owned businesses, we know that PPP and EIDL funding may not be enough to save these companies,» said CEO of Lendinero Gil Zapata. «We have customers that have utilized the money they received from the government stimulus package and they still need more capital to keep their businesses running. As a result, we are providing multiple funding options to get the support they need.»

In 2020, Lendinero was among the first fintech companies to support the first round of PPP and EIDL funds to Latino-Owned Businesses. Customers were extremely satisfied with their PPP and EIDL experience and the company will continue to focus on the best possible customer experience.

For more information on Lendinero, please visit: http://www.lendinero.com

Media Contact

Martin Romero, Lendinero, +1 8885055835, contact@lendinero.com

Gil Zapata, Lendinero, 786-320-3835, gil@lendinero.com

Twitter, Facebook

SOURCE Lendinero

Toyota to Debut Three New Electrified Vehicles for U.S. Market

PLANO, Texas, Feb. 10, 2021 /PRNewswire-HISPANIC PR WIRE/ — Toyota Motor North America (TMNA) announced plans to debut in the U.S. market this year, three new electrified models – two BEVs and a PHEV.

«We continue to be leaders in…

«We continue to be leaders in electrification that began with our pioneering introduction of the Prius nearly 25 years ago,» said Bob Carter, TMNA executive vice president of sales. «Toyota’s new electrified product offerings will give customers multiple choices of powertrain that best suits their needs.»

The new electrified models further expand Toyota’s U.S. leadership in alternative powertrain vehicles. Toyota has over 40% share of the total alternative fuel vehicle market, which includes a 75% share of the fuel cell market and a 64% share of hybrids and plug-ins. By 2025, Toyota’s goal is to have 25% of new vehicle sales be electrified models, and by 2030 expects that to increase to nearly 70%.

Globally, Toyota hybrid vehicles sold have avoided an estimated 139 million tons of greenhouse gas (GHG) into the atmosphere. In the U.S., we have avoided approximately 38 million tons of GHG. This achievement is the result of Toyota’s long-standing commitment to the environment and creating a net positive impact on the planet and society.

Between now and 2025, Toyota and Lexus models, globally, will have an electrified option. Toyota is also developing a dedicated BEV platform, e-TNGA, that offers flexibility for all drive configurations. These initiatives are further steps toward achieving the Toyota Environmental Challenge 2050, introduced in 2015, the most demanding and most inspiring environmental commitments Toyota has ever made.

«We believe the fastest way to lower greenhouse gases in the transportation sector is to offer drivers lower carbon choices that meet their needs,» said Gill Pratt, chief scientist of Toyota Motor Corporation and CEO of Toyota Research Institute. «At every price point and with multiple powertrains, we can put more people in cleaner automobiles across North America to have the greatest near-term impact on total carbon emissions.»

Toyota shared highlights of new internal research evaluating the environmental impact and cost of ownership between a PHEV and a BEV. For this research, Toyota created a tool that shows the trade-off between GHG Emissions and Total Cost of Ownership. The source code for this tool is publicly available at carghg.org for others to experiment with the various input parameters and see the movement of BEVs and PHEVs on the GHG and cost plot. The research found:

GHG of a currently available BEV model and PHEV model are roughly the same in on-road performance when factoring in pollutants created by electricity production for the average U.S. energy grid used to charge batteries.
Manufacturing is a component of GHG emissions. Using the «Greenhouse gases, Regulated Emissions, and Energy use in Technologies» (GREET) model, researchers found that the production of a PHEV emits less GHG since it uses a smaller, lighter weight battery.
The PHEV is much less expensive to buy and own, compared to the BEV. Without any incentives, the five-year Total Cost of Ownership (TCO) of a long-range BEV is significantly higher than the PHEV. If you include incentives available this year (2020), the TCO of a long-range BEV is much higher.

The key point is that a BEV and PHEV can provide similar environmental benefits. Each has a unique profile and can be an optimal solution in different circumstances. By having a diversified product portfolio with multiple forms of vehicle electrification, Toyota can let consumers choose the model that best suits their usage needs and cost profile while maximizing the total contribution to GHG reduction.

Toyota’s progress on Challenge 2050 in North America is measured across four key areas – reducing carbon emissions, conserving water, fostering a sustainable supply chain including waste reduction, and protecting biodiversity. Sustainability planning, strategies and actions are driven by an annual North American Environmental Action Plan, with a five-year roadmap modeled to achieve targets in Challenge 2050 and also the United Nations Sustainable Development Goals (SDGs). Toyota is currently targeting:

Reduction in CO2 from the company’s operations, products and vehicle lifecycle – including logistics, suppliers and dealers
Reduction in overall water use per unit of vehicle production by 3% from a 2020 baseline
Reduction of procurement of plastic packaging materials by 25% from a 2018 baseline
Development of third party validated onsite habitat management policy by 2021 and begin implementation in 2022.

As proof of its commitment, Toyota recently agreed to purchase power from a future Clearway Energy Group wind farm to reduce its overall carbon footprint from electricity used from the power grid. Toyota also provided an annual update toward having a net positive environmental impact in the 2020 North American Environmental Report.

About Toyota

Toyota (NYSE:TM) has been a part of the cultural fabric in the U.S. for more than 60 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our nearly 1,500 dealerships.

Toyota has created a tremendous value chain and directly employs more than 36,000 in the U.S. The company has contributed world-class design, engineering, and assembly of more than 30 million cars and trucks at our 9 manufacturing plants, 10 including our joint venture in Alabama that begins production in 2021.

To help inspire the next generation for a career in STEM-based fields, including mobility, Toyota launched its virtual education hub at www.TourToyota.com with an immersive experience and chance to visit many of our U.S. manufacturing facilities. The hub also includes a series of free STEM-based lessons and curriculum through Toyota USA Foundation partners, virtual field trips and more. For more information about Toyota, visit www.toyotanewsroom.com.

Media Contact:
Tania Saldana
tania.saldana@toyota.com
469-292-2418

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SOURCE Toyota Motor North America