Azure Power has announced that it has implemented a Module Supply Agreement (MSA) with Premier Energies Group for supply of solar cells and modules for supply of modules up to 600 MW per year for next four years. Azure has also agreed to invest Rs 1,000 million in the Premier Group.
Out of the total investment made by Azure, Rs 455 million has been invested through subscription of equity shares and compulsorily convertible debentures issued by Premier Energies Investment Private Limited by subscribing to 26 per cent of shareholding in the company. The remaining Rs 545 million will be invested by subscribing to optionally convertible debentures to be issued by Premier Energy Limited.
Premier Energies is an integrated solar cell and module manufacturers in India. The Premier group has state of the art manufacturing facilities in Hyderabad with an operational capacity of 750 MW solar cells and 1,250 MW solar modules. The group is currently working on the expansion of its manufacturing facilities and is planning to have an operating capacity of 1,750 MW cells and 2,250 MW modules by December 2022