NEW DELHI, Oct. 15, 2020 /PRNewswire/ — Azure Energy (NYSE: AZRE), a number one solar energy producer in India, revealed its Sustainability Report for 2019-20.
Talking on this event, Ranjit Gupta, Chief Govt Officer, Azure Energy mentioned “We’re happy to launch our second sustainability replace in lower than a yr. At Azure, we’re dedicated to evaluating our progress in the direction of sustainability by not solely persevering with our deal with climate-related alternatives and dangers but in addition evaluating and implementing greatest practices in social and governance elements as effectively. Sustainability is the core of our price proposition and the essence of our enterprise; a lot that we transcend our enterprise targets at instances to decide on the inexperienced, protected and sustainable pathway. Such selections have paid off for us they usually make higher financial sense over the long-term.”
Highlights from this FY’19 – 20 report embody:
Environmental
- Azure Energy stays a web carbon impartial firm and since inception, the corporate has helped keep away from the discharge of seven.eight million tonnes of CO2 equivalents into the atmosphere.
- The corporate has expanded its environmental influence reporting to incorporate scope three emissions and has elevated its provider engagement to impact cultural change by rewarding and penalizing suppliers to encourage the discount of emissions.
- In FY’20, the corporate has achieved an extra 40% saving in water consumption per unit of electrical energy generated and is on observe to changing into water impartial by 2023.
Social
- Azure Energy believes that worker range throughout gender and age are essential to facilitate sustainable, worthwhile and accountable progress. The corporate strives to take care of a 1:1 ratio of wage for women and men.
- In FY’20, the corporate invested 16,040 man-hours of coaching in its workforce and provided talent improvement coaching to over 1,240 people in native villages.
- In FY’20, the corporate allotted INR 36 million for Company Social Duty and put in 21 good lecture rooms and over 400 streetlights for communities as a part of its CSR actions.
- During the last decade, Azure Energy created over 18,000 job alternatives within the rural sector. In FY’20, the corporate employed a complete of three,462 staff from native communities, out of which 2,375 native staff have been employed as module cleansing and grass chopping workers and an extra 1,087 native staff have been employed as safety guards.
- Azure Energy is an Equal alternative employer that expressly forbids any discrimination in opposition to any worker or job applicant due to race, shade, faith, nationwide origin, intercourse, sexual orientation together with LBGTQ, bodily or psychological incapacity, or age.
Governance
- All Azure Energy initiatives adjust to the World Financial institution’s Equator Ideas and, as well as, the corporate carried out a complete of 341 inside and three exterior audits in fiscal yr 2020 with no important incidents of non-compliance.
- In FY’20, the corporate enhanced its Well being and Security Coverage, Atmosphere Social and Governance Coverage and carried out a Variety and Inclusion Coverage.
- The corporate is in compliance with SEC, NYSE, SGX governance requirements and strictly follows worldwide governance insurance policies on corruption, human rights, freedom of affiliation, truthful disclosure, whistle-blower and insider buying and selling amongst others.
- The corporate’s Sustainability and CSR initiatives are overseen on the Board stage.
- Two of 9 of the Firm’s Board members are feminine which have been added within the final yr.
To learn the total report, go to https://www.azurepower.com/sustainability.
About Azure Energy
Azure Energy (NYSE: AZRE) is a number one unbiased solar energy producer with a pan-India portfolio of seven.1 gigawatts on June 30, 2020 of which 1.eight GWs is operational, 1.three GWs are beneath development and four.zero GWs have obtained a Letter of Award however for which PPAs have but to be signed.. Azure Energy developed India’s first personal utility scale photo voltaic challenge in 2009 and has been on the forefront within the sector as a developer and operator of photo voltaic initiatives since its inception in 2008. With its in-house engineering, procurement and development experience and superior in-house operations and upkeep functionality, Azure Energy manages all the improvement and operation course of, offering low-cost solar energy options to clients all through India. For extra data, go to: www.azurepower.com.
Ahead Wanting Statements
This press launch accommodates forward-looking statements inside the that means of Part 21E of the Securities Alternate Act of 1934, as amended and the Personal Securities Litigation Reform Act of 1995, together with statements concerning the Firm’s future monetary and working steerage, operational and monetary outcomes akin to estimates of nominal contracted funds remaining and portfolio run price, and the assumptions associated to the calculation of the foregoing metrics. The dangers and uncertainties that would trigger the Firm’s outcomes to vary materially from these expressed or implied by such forward-looking statements embody: the provision of extra financing on acceptable phrases; modifications within the industrial and retail costs of conventional utility generated electrical energy; modifications in tariffs at which long run PPAs are entered into; modifications in insurance policies and rules together with web metering and interconnection limits or caps; the provision of rebates, tax credit and different incentives; the provision of photo voltaic panels and different uncooked supplies; its restricted working historical past, notably as a brand new public firm; its potential to draw and retain its relationships with third events, together with its photo voltaic companions; its potential to satisfy the covenants in its debt amenities; meteorological circumstances points associated to the corona virus; provide disruptions; energy curtailments by Indian state electrical energy authorities and such different dangers recognized within the registration statements and stories that the Firm has filed with the U.S. Securities and Alternate Fee, or SEC, occasionally. All forward-looking statements on this press launch are based mostly on data accessible to us as of the date hereof, and the Firm assumes no obligation to replace these forward-looking statements.
Investor Contact
Nathan Choose, CFA
[email protected]
Media Contact
Samitla Subba
[email protected]
SOURCE Azure Energy
