Solar PV cells and module maker Premier Energies plans to invest upto ₹1,200 crore to add 2 giga watt (GW) manufacturing capacity over the next two years.
The Hyderabad firm, with an existing capacity of almost 1 GW, is eyeing to be a 3 GW facility. Founder and MD Chiranjeev Saluja said the plan is to invest ₹500 crore in the coming four months to add another giga watt and an additional ₹500 crore next financial year.
“The idea is to be a 3 GW facility with 1.75 GW module and 1.25 GW cell [capacity]. We will be spending ₹1,000-1,200 crore in the next two years,” he said, adding the new projects would also be located in Hyderabad.
Speaking to presspersons, Mr.Saluja said a new manufacturing unit Premier Energies has set up in E-City here with ₹483 crore is scheduled to be inaugurated by Industries and IT Minister K.T.Rama Rao on July 29. A greenfield project, it has a capacity of 750 MW solar cell and 750 MW solar module and will produce MCCE textured multi-crystalline cells and modules, Mono PERC cells and modules as well as 19.2% efficiency polycrystalline cells and modules.
The new plant will take the solar module manufacturing capacity of the company to 1250 MW and cell capacity to 800 MW. He said the Group turnover last fiscal was ₹850 crore and expected to touch ₹1,500 crore. On funds required for expansion, he said discussions with PE and green energy funds were underway. A portion would also be met through debt. “We are looking at closing the first phase in the next three months and in the later three months the last phase,” he said. While land for setting up a 1 GW facility was available at the existing site, the company was talking to Telangana government for the additional land need for another 1 GW facility.
