Premier Energies announced plans to invest Rs 12 billion over the next two years to expand its annual solar cells and modules manufacturing capacity to 3 GW.The company is already in talks with clean energy funds for investments in the upcoming expansion. The planned capacities will be considered for bidding for incentives under the Centre’s Rs 45 billion production-linked incentive scheme.
Premier Energies is headquartered in Greater Hyderabad, Telangana, the company is now second-largest integrated manufacturer of solar cells and modules in India. The company has completed 25 years of operations in 2020 and has an annual manufacturing capacity of 1.25 GW modules and 0.75 GW cells.The company is also set to launch a 1.5GW cell and module manufacturing unit in Hyderabad built with an investment of Rs 4.83 billion over the next week. The new plant facilities are designed to produce the latest generation products by incorporating Monocrystalline PERC technology using larger wafers of 182 mm and 210 mm.
In recent months, solar companies have stepped up their efforts in increasing domestic manufacturing capacity. In July 2020, ReNew Power announced that it would invest Rs 15-20 million to set up a 2 GW solar cell and module manufacturing facility in India. In November 2020, Adani Solar announced that it would expand its cell and module manufacturing capacity to add another 2 GW which is set to come online in 2021.