Azure Power Global Ltd was incorporated in Mauritius on January 30, 2015. It is engaged in the development, construction, ownership, operation, maintenance and management of solar power plants and generation of solar energy based on long-term contracts (power purchase agreements or "PPA") with Indian government energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers. It has its power projects based in Punjab, Gujarat, Rajasthan, Uttar Pradesh, Chhattisgar, Bihar, Karnataka, Madhya Pradesh and Delhi. The Company purchases solar panels and inverters from different manufacturers. The Company faces competition from traditional and renewable energy companies. The competitors include SunEdison, Inc., First Solar, Inc. and ACME Cleantech Solutions Private Limited. It also competes with utilities generating power from conventional fossil fuels. The Electricity Act, 2003, or Electricity Act, regulates and governs the generation, transmission, distribution, trading and use of electricity in India. Under the Electricity Act, the transmission, distribution and trade of electricity are regulated activities that require licenses from the relevant electricity regulatory commission (Central Electricity Regulatory Commission), State Electricity Regulatory Commissions, or SERCs, or the joint commission.