Premier Energies In Strategic Alliance With Azure Power; To Supply 600 MW Modules For Next 4 Years

Solar manufacturing company Premier Energies Group has announced that it has entered a strategic alliance with renewable power producer Azure Power Global Limited. The official statement of Premier said that under the Module Supply Agreement, the company will supply 2.4 GW of solar cells and solar modules over the next four years. The value of the estimated order value is of over Rs 4,000 crore.

Premier held that it had also invested Rs 700 crore together with Azure to setup 1.25 GW Solar Cell and 1.25 GW Solar Module facility in Telangana as part of its expansion plans. Azure has already invested Rs 630 crore in the state of Telangana and operates a 128 MW solar power projects in the state.

Azure has also entered into an agreement to invest Rs 100 crore  (~US$ 12.9 million) in the Premier Group, of which an investment of Rs 45.5 crores (~US$ 5.9 million) has been made for the subscription of equity shares & compulsorily convertible debentures issued by Premier Energies Investment Private Limited (“PEIPL”), towards subscription of 26% shareholding in PEIPL. The balance of Rs  54.5 crores (~US$ 7 million) will be made in the form of subscription to optionally convertible debentures issued by Premier Energy Limited (“PEL”). PEIPL is setting up a 1 GW cell and module manufacturing facility in India as part of its expansion plans.

Sri Kalvakuntla Taraka Rama Rao, Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology, Government of Telangana stated that the state government has allotted additional 20 acres of land in electronic city for this expansion plan under Telangana Mega Projects.

Premier says that the manufacturing facility will create 1000 jobs directly and help augment ancillary industry creating over 2000 local jobs. Premier says that with this expansion, the Group will become one of the largest employers in aggregate terms in E-City, Telangana.

Chiranjeev Saluja, MD, Premier Energies, informed, “This is the first of its kind strategic partnership between Independent Power Producer and Solar Manufacturing company in India.