Premier Energies to Invest ₹1200 Cr for Additional 2 GW Capacity

Premier Energies to Invest ₹1200 Cr for Additional 2 GW Capacity

Telangana-based Premier Energies is planning to expand its annual manufacturing capacity by 2 GW through an investment of around Rs 1,200 crore over the next 2 years. The solar PV cells and module maker’s existing capacity stands at 1 GW.

Chiranjeev Saluja, Founder and Managing Director, Premier Energies, has said, “The plan is to be a three-GW facility, and we are planning to invest another Rs 500 crore in the coming four months to add another (one) GW and again Rs 500 crore in the next financial year. So, the idea is to become 3 GW facility from 1.25 GW Module and 1.75 GW Cells.”

A new facility has been set up in E-City, Hyderabad, with Rs 483 crores and the formal formal inauguration of this plant by K T Rama Rao, Minister of Municipal Administration and Urban Development of Telangana, is scheduled for July 29. A greenfield project, it has a capacity of 750 MW solar cell and 750 MW solar module and will produce MCCE-textured multi-crystalline cells and modules, Mono PERC cells and modules as well as 19.2% efficiency polycrystalline cells and modules.

The plant will take the solar module manufacturing capacity of the company to 1250 MW and cell capacity to 800 MW. Saluja said the Group turnover in the previous fiscal year was ₹850 crore and expected to touch ₹1,500 crore. On financing the expansion, he added that the company was in talks with PE and green energy funds. The rest would be financed through debt. “We are looking at closing the first phase in the next three months and in the later three months the last phase,” he said.

While the existing site provided land for setting up the new 1 GW facility, the company is in talks with Telangana government for acquiring more land needed for another 1 GW facility.

At the launch, Surender Pal Singh, Founder and Chairman, Premier Energies, said, “It has been our vision to set up a business that would contribute to the environment for the larger good of the society. This new world-class facility takes us a step closer to this vision.”

This new facility is a symbol of our strong commitment to the the Indian power sector, and a shining example of the success of the government’s ‘Make in India’ initiative, Saluja stated.

Premier Energies, an independent power producer owns and operates more than 250 MW solar power plants across India. These plants are monitored and maintained by an in-house O&M team. The company’s mission is to be one among the top 5 players in the industry for solar manufacturing and EPC by 2023 by focusing on high quality and reliable energy solutions.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.