Solar photovoltaic (PV) cell and module manufacturer Premier Energies has raised ₹2 billion (~$27.11 million) from climate investment-focused private equity manager GEF Capital Partners. Premier Energies will infuse the funds to expand its solar PV cell and module manufacturing capacity.

Centrum Capital Limited acted as the exclusive advisor to Premier Energies on this transaction.

The company will invest the equity capital for adding 2 GW each of cell and module manufacturing. An investment of over ₹12 billion (~$162 million) over the next two years is planned for production using monocrystalline PERC technology.

“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,” said Surender Pal Singh, Chairman, Premier Energies.

Based in Hyderabad, Premier Energies is one of India’s largest integrated solar photovoltaic cell and module manufacturers and has completed 25 years of operations in 2020. In July 2021, Premier Energies unveiled their new state-of-the-art facility at E-City Hyderabad with 750 MW solar cell and module production capacity. The facility produces MCCE textured multi-crystalline, mono PERC, and polycrystalline cells and modules.

“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. At the same time, we will continue to strive to improvise on sustainable sources of Clean Energy,” said Chiranjeev Saluja, Founder and Managing Director, Premier Energies.

The solar cell and module manufacturing sector have lately witnessed unprecedented interest from strategic investors.

Recently, Mercom spoke with Chiranjeev Saluja, Managing Director of Premier Energies, to discuss the company’s plans and his thoughts on the existing policies related to the solar sector. Saluja shared that along with supplying to the domestic market, the company also plans to export to North America and European markets.

Government initiatives like the imposition of Basic Customs Duty on imported cells and modules and the Production Linked Incentive program to encourage domestic production under the Aatmanirbhar program have welcomed the industry.

According to Mercom India Research’s latest Q2 2021 India Solar Market Update, investments in the Indian solar sector increased by 119% quarter-over-quarter, with over $2 billion in the calendar year’s second quarter of 2021.