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Premier Energies plans to invest about ₹1,200 crore more to set up an additional two gigawatt of solar module manufacturing capacity in Hyderabad, taking its overall capacity to 3 GW.
“We plan to raise these funds in two tranches and are in talks with PE funds. This will pave way for our expansion over the next two years. The first deal is likely within the next 3-4 months,” Chiranjeev Saluja, Managing Director of Premier Energies, said.
The company, a leading manufacturer of solar photovoltaic cells and modules, is on the verge of tripling its manufacturing capacity with the addition of a 1.5-GW facility at E-City in Hyderabad. Set up at a cost of ₹483 crore, the new venture will be inaugurated by Telangana IT and Industries Minister KT Rama Rao on July 29.
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The greenfield project — with capacity to manufacture 750-MW solar cells and 750-MW solar modules — will produce MCCE-textured multi-crystalline cells and modules, mono PERC cells and modules, as well as 19.2 per cent efficiency polycrystalline cells and modules.
The plant has been designed to produce the latest generation of products by incorporating the monocrystalline PERC technology, which will usher in more efficiency by increasing the wafer size (182 mm and 210 mm).
“While another GW capacity will be set up at the existing site, we are in talks with the Telangana government to acquire land for the expansion project,” Saluja said.
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The company closed last fiscal with revenues of ₹850 crore and expects to close this fiscal with a turnover exceeding ₹1,500 crore.
Saluja said, “This new facility is a symbol of our commitment to the Indian power sector, and an example of the success of the government’s ‘Make in India’ initiative. With increased adoption of automation and robotics, our new factory will be at par with some of the leading manufacturing companies globally.”
The 25-year-old Hyderabad-based company has capacity to manufacture 1.25 GW solar modules and 0.75 GW solar cells. With the new launch, the company is among the top five integrated manufacturers of solar cells and modules in India.
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