Premier Energies Global Environment (PEGEPL), a subsidiary of Premier Energies, has announced plans to establish 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 aligns with Premier Energies’ strategy to expand its tunnel oxide passivated contact (TOPCon) module manufacturing capabilities and cater to the growing demand for high-efficiency solar modules. The facility is expected to be completed by March 2025.
Premier Energies had previously invested Rs 4.83 billion to set up a 1.5 GW plant in Hyderabad for advanced monocrystalline passivated emitter and rear cell (monoPERC) technology. The company’s successful IPO in August 2024 raised Rs 28.3 billion, with oversubscription of 74 times. In the same month, Premier Energies entered a joint venture with North American solar PV module manufacturer Heliene to set up a solar cell manufacturing facility in the U.S. Additionally, the company raised Rs 2 billion in 2021 from GEF Capital Partners, a private equity firm focused on climate investment.
India’s solar industry continues to grow, with the country adding 11.3 GW of solar module capacity and 2 GW of solar cell capacity in the first half of 2024. The country now has a cumulative solar module manufacturing capacity of 77.2 GW and solar cell capacity of 7.6 GW.
