Centrum Capital advised Premier Energies on this transaction
Hyderabad-based solar energy firm Premier Energies has raised Rs 200 crore from GEF Capital Partners, a global private equity manager, to triple its capacity from current levels by 2023, it said in a statement.
The company will invest the equity capital to consolidate its presence as a leading integrated solar cell and module manufacturer by adding capacity of 2 GW cell manufacturing and 2 GW of module manufacturing based on the latest Monocrystalline PERC technology, along with a planned investment of over Rs 1,200 crore over the next two years.
Chiranjeev Saluja, Founder and Managing Director at Premier Energies, said, “I am confident about meeting the growth expectations of our stakeholders, and at the same time will continue to strive to improvise on sustainable sources of clean energy.”
Currently, Premier Energies is the second largest integrated solar photovoltaic cell and module manufacturer in India and has completed 25 years of operations in 2020.
“The timing of investment is critical for us to capitalise on the huge growth potential presented by the industry,” said Surender Pal Singh, chairman, Premier Energies.
“Premier Energies has demonstrated a strong commitment to deploying the latest technology to address the challenges of climate change… We plan to build a world-class solar manufacturing business with this partnership,” said Sridhar Narayan, a founder of GEF Capital and managing partner of the South Asia investment programme.
Centrum Capital advised Premier Energies on this transaction.
In July this year, the solar manufacturer had launched its new facility at E-City Hyderabad with a capacity of 750-MW solar cell and 750-MW solar module that produces multi-crystalline, mono PERC, and polycrystalline cells and modules.