Thanks for the posting adobe forums,
These are the files for conforming audio, generating peak files for audio.
Yes, you can delete these files once you have completed the project in premiere pro.
Just, close the premiere pro : Just delete the files inside the Media cache files and Media Cache folder.
The question is, what if I will still work on that project down the road? I have a number of projects that will be ongoing for months, if not years to come. They are small projects in size, but I am always doing something to them.
Why can't this folder be on my E drive?