Solar equipment maker Premier Energies on Friday said that it has raised private equity worth Rs 200 crore 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 enhance its solar PV cell and module manufacturing capacity.
Centrum Capital was the advisor to Premier Energies on this transaction.
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, said in the statement, "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." Based in Hyderabad, Premier Energies is currently the second largest integrated solar photovoltaic cell and module manufacturer in India and has completed 25 years of operations in 2020.
In July this year, Premier Energies unveiled their new state-of-the-art facility at E-City Hyderabad.
Solar cell manufacturing sector has lately witnessed unprecedented interest from strategic investors led by progressive government driven initiatives like Domestic Content Requirement (DCR) policy, Basic Customs Duty (BCD) and Production Linked Incentive (PLI) scheme under the Aatmanirbhar initiative of the Government of India.
This investment from GEF Capital, an ESG focussed fund, gains significance in particular since this investment could be seen as a trendsetter amongst the private equity fraternity endorsing strong viability and robust growth potential in solar cell manufacturing space for technology savvy manufacturers like Premier Energies.
