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The Hindu

National

Special Correspondent

Azure Power to invest ₹ 100 crore in Premier Energies

Azure Premier Premier Energies Azure Power

Renewable power producer Azure Power Global plans to invest ₹ 100 crore ($12.9 million) in solar cell and module manufacturer Premier Energies Group.

Besides an agreement on the investment, the two entities also executed a module supply agreement under which Premier will supply 2.4 GW of solar cells and modules over the next four years, having an estimated order value of ₹ 4,000 crore to Azure.

Elaborating on the investment, Azure said it has invested ₹ 45.5 crore ($5.9 million) towards subscription of 26% equity shares and compulsorily convertible debentures issued by Premier Energies Investment Private Limited (PEIPL). The balance ₹ 54.5 crore ($7 million) investment will be made in the form of subscription to optionally convertible debentures issued by Premier Energy Limited (PEL).

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