NEW
DELHI, June 13, 2022 /PRNewswire/ -- Azure
Power Global Limited (NYSE: AZRE) ("Azure" or "the Company"), a
leading independent sustainable energy solutions provider and
renewable power producer in India,
today announced that it has executed a Module Supply Agreement
("MSA") with Premier Energies Group ("Premier Group"), one of
India's leading manufacturers of
solar PV cells and modules, for supply of modules up to 600 MW p.a.
for next four years.
![Azure_Power_Logo Azure_Power_Logo](https://mma.prnewswire.com/media/819565/Azure_Power_Logo.jpg)
The Company also entered into an agreement to invest INR 1,000
million (~US$ 12.9 million) in the
Premier Group, of which an investment of INR 455 million
(~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 INR 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 in India as part of its
expansion plans.
Sri Kalvakuntla Taraka Rama
Rao, Honourable 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. Commenting on the announcement, the
minister said, "Government of Telangana appreciates the repeat
investment 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 confident that they are going
to grow bigger, and we assure our complete support to all our
entrepreneurs to reach great heights."
Speaking on this occasion, Mr. Alan Rosling, Chairman, Azure
Power said, "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."
On this announcement, Mr. Surender
Pal Singh, Chairman, Premier Energies said, "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."
Mr. Chiranjeev Saluja, Managing Director, Premier
Energies said, "This is the first-of-its-kind strategic
partnership between an Independent Power Producer and a solar
manufacturing company in India.
This marks a major milestone in Government of India's goal of Make in 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 Company's future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. The 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 the commercial and retail prices of traditional utility
generated electricity; changes in tariffs 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; curtailment; 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 its relationships with third parties,
including its solar partners; its ability to meet the covenants in
its debt facilities; meteorological conditions and such other risks
identified in the registration statements and reports that the
Company has filed with the U.S. Securities and Exchange Commission,
or SEC, from time to time. All forward-looking statements in this
press release are based on information available to us as of the
date hereof, and the Company assumes no obligation to update these
forward-looking statements.
About Azure Power
Azure Power is a leading independent sustainable energy
solutions provider, and renewable power producer in India on a mission to create value for all
stakeholders through high-performance Renewable Energy assets.
We developed India's first
utility scale solar project in 2009 and since then, Azure Power has
grown rapidly to become a leader in developing and operating large
utility-scale renewable energy projects in the country. We also
partner with commercial and industrial customers in their
decarbonization journey by providing comprehensive 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 integrated solar cell and module manufacturers in
India. The Premier group has state
of the art manufacturing facilities in Hyderabad, having an operational capacity of
750 MW solar cells and 1,250 MW solar modules.
Premier has recently raised USD 25.8
Million from GEF Capital Partners, one of the leading
climate focused growth PE fund. The group is currently focused on
the expansion of its manufacturing facilities and will have an
operating capacity of 1,750 MW cells and 2,250 MW modules by
December 2022.
For more information, visit: www.premierenergies.com
Investor Contact
ir@azurepower.com
Media Contact
pr@azurepower.com
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SOURCE Azure Power