Renewable power producer Azure to invest Rs.100-Cr in solar cell maker Premier Energies

Renewable power producer Azure Power Global Ltd is to invest INR 100 crore (USD 12.9 million) in Premier Energies Group, a solar PV (photovoltaic) cells and modules manufacturer. The company has invested INR 45.5 crore (USD 5.9 million) for 26% equity shares and compulsorily convertible debentures issued by Premier Energies Investment Pvt Ltd (PEIPL), a special purpose vehicle. The balance INR 54.5 crore (USD 7 million) will be invested to subscribe to optionally convertible debentures issued by Premier Energy Ltd (PEL), the holding company. Azure has also entered into a module supply agreement with Premier Energies Group, for the supply of solar PV cells and modules up to 600 MW per annum for the next four years.