Premier Energies to Establish 1 GW Solar Module Facility in Telangana
Premier Energies Global Environment (PEGEPL), a subsidiary of Premier Energies, has announced plans to build a 1 GW solar module manufacturing facility in the EMC Maheshwaram industrial zone, Telangana. The facility will be located on leasehold land owned by the Telangana Industrial Infrastructure Corporation (TGIIC). This project is part of Premier Energies' strategy to expand its tunnel oxide passivated contact (TOPCon) module manufacturing capabilities and meet the increasing demand for high-efficiency solar modules. The facility, approved by the company's capex committee and board of directors, is expected to be completed by March 2025. The facility will be situated in one of India's Electronics Manufacturing Clusters (EMC), which are designed to provide infrastructure and common facilities to attract investments in electronics manufacturing. Premier Energies had previously invested Rs 4.83 billion to set up a 1.5 GW plant in Hyderabad to produce advanced monocrystalline passivated emitter and rear cell (monoPERC) technology cells using larger wafers. Additionally, the company’s Rs 28.3 billion initial public offering (IPO) in August 2024 was highly successful, with oversubscription of 74 times. In the same month, Premier Energies entered into a joint venture with Heliene, a North American solar PV module manufacturer, to set up a solar cell manufacturing facility in the U.S. Premier Energies also raised Rs 2 billion in 2021 from GEF Capital Partners, a private equity firm focused on climate investment. According to the sources 2024 report, India added 11.3 GW of solar module and 2 GW of solar cell capacity in the first half of the year, with strong demand contributing to significant solar project pipelines totalling 132.7 GW from 2024 to 2026. As of June 2024, India’s cumulative solar module manufacturing capacity stood at 77.2 GW, while solar cell capacity reached 7.6 GW. (Mercom)
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