Premier Energies, a major manufacturer of solar PV cells and modules in India, said on Friday that GEF Capital Partners, a global private equity firm focusing on climate solutions, has made a Rs 200 crore investment in the company.
The money will be used to expand the company’s solar PV cell and module production capacity, according to a press statement.
Premier Energies was advised on this transaction exclusively by Centrum Capital Limited.
With a planned investment of over Rs. 1200 crores over the next two years, the Company will consolidate its position as a leading integrated solar cell and module manufacturer by adding additional capacity of 2 GW cell manufacturing and 2 GW module manufacturing based on the latest Monocrystalline PERC technology.
Surender Pal Singh, Founder, and 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 on the huge growth potential presented by the industry.
Chiranjeev Saluja, Managing Director, said “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.”
GEF Capital is delighted to collaborate with Premier Energies to develop a world-class solar manufacturing business, according to Sridhar Narayan, a founder of GEF Capital and Managing Partner of the South Asia investment programme. Premier Energies, based in Hyderabad, is India’s second biggest integrated solar photovoltaic cell and module producer and will celebrate its 25th anniversary in 2020.
Premier Energies launched their new state-of-the-art plant at E-City Hyderabad in July 2021, with a capacity of 750 MW solar cell and 750 MW solar module manufacturing MCCE textured multi-crystalline cells and modules, Mono PERC cells and modules, and polycrystalline cells and modules, he added.