Azure Power Global announced the resignation of Harsh Shah as CEO, who joined the renewable energy company on July 1, 2022, with immediate effect.
Rupesh Agarwal will be the acting Chief Executive Officer of Azure Power. The Board will consider appointment of a new permanent CEO. Azure Power did not reveal the reason for the immediate departure of Harsh Shah from the top job.
“The Indian renewable energy sector is thriving with a great potential to play a leadership role in energy transition globally. Azure is certainly placed very well to seize the big growth opportunity that India presents. Owing to unforeseen circumstances and matters beyond my control, I have decided to step down from my role,” Harsh Shah said.
Azure Power received a whistleblower complaint in May 2022 alleging potential procedural irregularities and misconduct by certain employees at a plant belonging to one of its subsidiaries.
Azure Power discovered deviations from safety and quality norms, and it has implemented mechanisms to remediate them and will strengthen safety and quality protocols. Azure’s Audit Committee, with the assistance of legal counsel and forensic accounting support, also identified evidence of manipulation of project data and information by certain employees.
Rupesh Agarwal, who joined Azure Power earlier this month as Chief Strategy & Commercial Officer after a period of acting as a Consultant to the Board, brings over two decades of leadership experience in asset development and strategy consulting, advising leading utilities and private equity investors on developing and managing their cleantech investments.
Alan Rosling, Chairman of Azure Power, said: “The Board very much regrets Harsh’s unexpected decision to leave the company after joining only from July 1, 2022.”
Azure Power in FY 2021-22
Azure Power commissioned its 600 MW project with Solar Energy Corporation of India (SECI) in Rajasthan.
Azure Power executed Power Purchase Agreements (PPAs) with SECI for the company’s 150 MWs solar-wind hybrid project and the company’s first 120 MWs wind project.
Azure’s Plant Load Factor (PLF), including the rooftop portfolio, for FY 2021-22, was 21.6 percent. Electricity generation, including the rooftop portfolio, during FY 2021-22 was 4,551 million kWh, an increase of 1,056 million kWh or 30 percent, over the fiscal year ended March 31, 2021.
For the projects under RG1 (3.575 percent Solar Green Bonds maturing in 2026) and RG2 (5.65 percent Solar Green Bonds maturing in 2024), the PLF was 18.6 percent and 21.4 percent, respectively, and electricity generation was 995 million kWh and 1,367 million kWh, respectively.