Azure Power partners with Indian group Premier Energies for solar cells and modules

0

NEW DELHI, June 13, 2022 /PRNewswire/ — Azure Power Global Limited (NYSE: AZRE) (“Azure” or “the Company”), a leading independent provider of sustainable energy solutions and producer of renewable energy in Indiatoday announced the signing of a Module Supply Agreement (“MSA”) with Premier Energies Group (“Premier Group”), one of india leading manufacturers of photovoltaic solar cells and modules, for the supply of modules up to 600 MW per year for the next four years.

The Company has also entered into an agreement to invest INR 1,000 million (~$12.9 million) in the Premier Group, including an investment of INR 455 million (~US$5.9 million) was made for the subscription of equity shares and mandatory convertible bonds issued by Premier Energies Investment Private Limited (“PEIPL”), for the subscription of a 26% stake in PEIPL. The balance of INR 545 million (~US$7 million) will be made by way of subscription for optional convertible debentures issued by Premier Energy Limited (“PEL”). PEIPL sets up a 1 GW cell and module manufacturing plant in India as part of its expansion plans.

Sri Kalvakuntla Taraka Rama Rao, Honorable Minister of Municipal Administration and Urban Development, Industry and Commerce and Information Technology, Government of Telangana said the state government has allocated an additional 20 acres of land in the e-city for this expansion plan under Telangana Mega Projects. Commenting on the announcement, the Minister said, “The Telangana government appreciates the repeated investment from Premier Energies and Azure Power. We are proud to host their existing state-of-the-art facilities in E-City, Telangana and with the new investments we are confident they will grow, and we assure our full support to all our entrepreneurs to reach great heights.”

Speaking on this occasion, Mr. Alan RoslingPresident, Azure Power said, “Having long-term supply visibility is an important factor in reducing risk to our business. Premier operates one of the most advanced solar cell and module lines in the country, and we are pleased to partnership with Premier This partnership is a prudent step towards securing long-term sustainable value for our stakeholders and actualizing india vision of Atmanirbhar Bharat.”

On this ad, Mr. Surrender to Pal SinghPresident, Premier Energies said, “At Premier, we are honored to partner with Azure Power on solar manufacturing at India. Premier has a heritage of over 27 years in solar manufacturing and this partnership further strengthens Premier’s leadership position in India.”

Mr. Chiranjeev Saluja, Managing Director, Premier Energies said, “This is the first strategic partnership of its kind between an independent power producer and a solar power manufacturing company in India. This is an important step for the Government of india Make-in objective India.”

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements regarding the future financial and operating directions of the Company, operating and financial results such as estimates of remaining nominal contractual payments and portfolio execution rate, as well as assumptions related to the calculation of the aforementioned measures. Risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in commercial and retail prices of electricity generated by traditional utilities; changes in rates at which long-term PPAs are entered into; changes in policies and regulations, including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; reduction; the availability of solar panels and other raw materials; its limited operating history, particularly as a new public company; its ability to attract and retain relationships with third parties, including its solar partners; its ability to meet the covenants of its credit facilities; weather conditions and other risks identified in registration statements and reports that the Company has filed with the United States Securities and Exchange Commission, or SEC, from time to time. All forward-looking statements contained in this press release are based on information available to us as of the date hereof, and the Company undertakes no obligation to update such forward-looking statements.

About Azure Power

Azure Power is a leading independent provider of sustainable energy solutions and a producer of renewable energy in India is on a mission to create value for all stakeholders through high performance renewable energy assets.

We have developed india first large-scale solar project in 2009 and since then Azure Power has grown rapidly to become a leader in the development and operation of large-scale renewable energy projects in the country. We also partner with commercial and industrial customers on their decarbonization journey by providing end-to-end solutions for their clean energy needs.

For more information about us, visit: www.azurepower.com

About Premier Group

Premier Energies, incorporated in 1995, is currently the second largest manufacturer of integrated solar cells and modules in India. The Premier Group has state-of-the-art manufacturing facilities in Hyderabadhaving an operational capacity of 750 MW solar cells and 1,250 MW solar modules.

Premier recently lifted $25.8 million of GEF Capital Partners, a leading climate-focused growth private equity fund. The group is currently focused on expanding its manufacturing facilities and will have an operational capacity of 1,750 MW of cells and 2,250 MW of modules by December 2022.

For more information visit: www.premierenergies.com

Contact Investor
[email protected]

Media Contact
[email protected]

Logo: https://mma.prnewswire.com/media/819565/Azure_Power_Logo.jpg

SOURCEAzure Power


Source link

Share.

About Author

Comments are closed.