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Premier Energies Group, Azure Power to supply 2.4 GW solar cells, modules
The project running for the next four years is valued at Rs 4,000 crore
Hyderabad: City-based Premier Energies Group, a solar manufacturing company, entered into a strategic alliance with Azure Power Global Limited, to supply 2.4 GW of solar cells and solar modules over the next four years having an estimated order value more than Rs4,000 crore
As part of this strategic alliance, Premier has executed a Module Supply Agreement with Azure Power wherein Premier will. Premier and Azure together have invested Rs700 crore to set up state-of-the-art 1.25 GW solar cell and 1.25 GW solar module facility built to global standards in the State, as part of the expansion plans.
This facility will have potential to create employment for over 1,000 people directly and help augment ancillary industry creating local employment for 2,000 people. With this expansion, Premier Group will be one of the largest employers in aggregate terms in E-City, in the State.
Industries Minister KT Rama Rao, stated that the government has allotted additional 20 acres of land in E-city for this expansion plan as part of the Telangana Mega Projects. 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.
"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 actualisation of India's vision of Atmanirbhar Bharat," Alan Rosling, Chairman, Azure Power said.
