Azure Power to invest $12.9m in Premier Energies Group

The two companies also executed a deal for solar cells and modules supply.

Renewable power producer Azure Power entered an agreement to invest around $12.9m (INR1b) in solar cells and modules manufacturer Premier Energies Group.

In a statement, Azure Power said around $5.9m (INR455m) of the amount is allotted for the subscription of equity shares and compulsorily convertible debentures issued by Premier Energies Investment Private Limited (PEIPL), towards a subscription of 26% shareholding in PIEPL.

PEIPL is setting up a one-gigawatt cell and module manufacturing facility in India as part of its expansion plans

The remaining $7m (INR545m) will be for subscription to optionally convertible debentures issued by Premier Energy Limited.

Azure Power also entered into a module supply agreement with Premier Group for a supply of modules of up to 600 megawatts (MW) for the next four years.

"Having a long-term supply visibility is an important factor towards de-risking our business,” Azure Power Chairman Alan Rosling said. “This partnership is a prudent step towards securing long-term sustainable value for our stakeholders and towards the actualization of India's vision of Atmanirbhar Bharat."

Sri Kalvakuntla Taraka Rama Rao, Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology at the Government of Telangana welcomed the investments from Premier Energies and Azure Power.

“We are proud to host their existing state-of-the-art facility in E-City, Telangana and with the new investments, we are con dent that they are going to grow bigger, and we assure our complete support to all our entrepreneurs to reach great heights," he said.

The minister also said that the state government has allotted additional 20 acres of land in the e-city for the expansion plan under the Telangana Mega Projects.

Follow the link s for more news on

Azure Power

Premier Energies Group

India renewables capacity

Also Read

Smart grid funding fell by 33% in in the first nine months of 2024

Tata Power, IndusInd Bank to offer solar financing for MSEs

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit