Premier Energies 1.5-GW solar cell and module manufacturing unit all set for launch

Premier Energies plans to launch its new 1.5 GW cell & modules unit built with an investment of Rs 483 crore on 29th of July

On Tuesday, Hyderabad-based Premier Energies said it plans to inaugurate its new 1.5-gigawatt (GW) solar cell and module manufacturing plant on the 29th of July 2021. The unit was built with an investment of Rs 483 crore.

This greenfield project will have a production capacity of 750 megawatts (MW) each of solar cells and modules. The manufacturing unit will produce multi-crystalline, mono-PERC, and 19.2% efficiency of polycrystalline cells and modules.

Upon launching this facility, the firm is slated to be among India’s top five solar manufacturers in India.

Incorporating monocrystalline PERC technology, the plant can produce the latest generation products. With this technology, the wafer size will increase to 182 mm and 210 mm, ushering in a new era in semiconductor technology.

Surender Pal Singh, Founder and Chairman, Premier Energies stated, “The plant is an important milestone in the evolution of solar technology and will help us lead the transition in the Indian power sector by switching to cleaner renewable energy source.” 

Also at the virtual event, the company discussed plans to invest some Rs 1,200 crore to build another 2 GW of solar module manufacturing capacity in Hyderabad, increasing its overall capacity to 3 GW.

Chiranjeev Saluja, managing director, Premier Energies, said that they plan to raise these funds in two tranches with the first deal likely to happen in the next three to four months. In order to accomplish this goal, the firm is in negotiations with private equity funds.

In the previous fiscal year, the company earned revenue of Rs 850 crore, and they expect a turnover of more than Rs 1,500 crore this year, Saluja added further.

Connect with Power Insight: Facebook, LinkedIn, Twitter