Indian solar manufacturer Premier Energies has raised INR 200 crore from global climate investor GEF Capital Partners as it plans to increase its mono PERC cell and module capacity at the E City in Telangana.
The manufacturer plans to add 2 GW of mono PERC cell and module capacity to its existing 750 MW facility at E City near Hyderabad’s airport. The expansion is planned by 2023 with an investment outlay of INR 1,200 crore. The manufacturer aims for 3 GW eventually. The equity capital from GEF will support this capacity expansion.
Centrum Capital Limited was the exclusive advisor to Premier Energies on the GEF transaction.
Surender Pal Singh, chairman, Premier Energies, said “We are excited to have a credible partner like GEF Capital on board and the timing of investment is critical for us to capitalize the huge growth potential presented by the industry.”
Chiranjeev Saluja, founder and managing director, said “We are extremely upbeat about the progressive policy changes brought about by the government of India in this sector. I am confident about meeting the growth expectations of our stakeholders, and at the same time we will continue to strive to improvise on sustainable sources of Clean Energy.”
Sridhar Narayan, a founder of GEF Capital and managing partner of the South Asia investment program, said, “Premier has demonstrated a strong commitment to deploying the latest technology to address the challenges of climate change. GEF Capital is proud to partner with Premier Energies to build a world-class solar manufacturing business”
Based in Hyderabad, Premier Energies is currently the second-largest integrated solar photovoltaic cell and module manufacturer in India and has completed 25 years of operations in 2020. In July, it launched the operations of its new state-of-the-art facility at E-City Hyderabad with a capacity of 750 MW solar cells and modules. The facility is equipped to produce MCCE textured multi-crystalline cells and modules, mono PERC cells and modules, as well as polycrystalline cells and modules.
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