Azure Power , a leading solar power producer in India, announced that early-stage investor and Board member, William “Bill” Elmore of Foundation Capital, resigned from the company’s Board of Directors today, which is the company’s fiscal year end. Foundation Capital owns 14.5% of Azure Power’s outstanding shares and Foundation Capital’s initial investment in Azure Power was in 2008.
Commenting on Mr Elmore’s decision, Mr. Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power said, “Bill and his venture capital firm, Foundation Capital, have been great partners since their initial investment nearly a decade ago. We want to thank Bill for his efforts and contributions during his tenure at Azure to help this company become a leader in the Indian Solar industry. We wish him well.”
Mr Elmore advised the Company that his decision to resign was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.