Solar system maker Premier Energies announced on Friday that it has raised Rs 200 billion in private equity from GEF Capital, a global private equity manager focused on investing in climate solutions.
According to the statement, Premier Energies will use the funds as growth capital to improve its solar cell and module manufacturing capabilities.
Centrum Capital advised Premier Energies on this transaction.
The company will invest the equity to consolidate its presence as a leading integrated solar cell and module manufacturer by adding 2 GW of cell manufacturing capacity and 2 GW of module manufacturing capacity based on the latest monocrystalline PERC technology along with a planned investment of over Rs. consolidates 1,200 crore over the next two years.
Chiranjeev Saluja, Founder and Managing Director, said in the statement, “I am confident that we will meet our stakeholders' growth expectations while continuing to seek to improvise sustainable clean energy sources.” Premier Energies, based in Hyderabad, is currently the second largest integrated manufacturer of photovoltaic solar cells and modules in India and completed 25 years of operation in 2020.
In July of this year, Premier Energies presented its new state-of-the-art facility in the E-City of Hyderabad.
The solar cell manufacturing sector has seen unprecedented interest from strategic investors recently, driven by progressive, government-driven initiatives such as the Domestic Content Requirement (DCR), Basic Customs Duty (BCD) and Production Linked Incentive (PLI) policy the Aatmanirbhar Initiative of the Government of India.
This investment from GEF Capital, an ESG-focused fund, is particularly important as this investment can be seen as a trendsetter among the private equity brothers who have strong profitability and robust growth potential in solar cell manufacturing for tech-savvy manufacturers like Premier Energies advocate.
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Posted on Friday, September 24, 2021 2:42 pm IST