Telangana allots 20-acre site for PEIPL manufacturing facility
Azure Power Global Limited (NYSE: AZRE) has agreed to invest Rs.1,000 million (~US$12.9 million) in Premier Group and has executed a Module Supply Agreement (MSA) for supply of modules up to 600 MW per annum for the next four years.
It is subscribing to equity shares and compulsorily convertible debentures issued by Premier Energies Investment Private Limited (PEIPL) for a 26% shareholding.
Within the deal, Rs.545 million (~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 as part of its expansion plans in Telangana.
The state government has allotted additional 20 acres of land in electronic city for this expansion plan under Telangana Mega Projects to Premier.
Speaking on this occasion, Azure Power Chairman Alan Rosling said on 13 June 2022, “Having a long-term supply visibility is an important factor towards de-risking our business. Premier is operating one of the most advanced state-of-the-art solar cell and module line in the country, and we are pleased to partner with Premier.
“This partnership is a prudent step towards securing long term sustainable value for our stakeholders and towards actualization of India’s vision of Atmanirbhar Bharat.”
Premier Energies Chairman Surender Pal Singh added, “We, at Premier, are honored to partner with Azure Power in the solar manufacturing space in India.
“Premier has a legacy of over 27 years in solar manufacturing and this partnership further strengthens Premier’s leadership position in India,” he said. fiinews.com
