Premier Energies raises Rs 200 crore PE from GEF Capital

Premier Energies, a solar equipment manufacturer, said on Friday that it has raised 2 billion rupees worth of private equity from GEF Capital, a global private equity management company focused on investing in climate solutions. According to the statement, Premier Energies will use the funds as growth capital to increase its solar photovoltaic cell and module manufacturing capabilities. The company will invest equity to consolidate its position as a leading integrated solar cell and module manufacturer by increasing the 2 GW cell manufacturing capacity and 2 GW module manufacturing capacity based on the latest monocrystalline PERC technology, as well as planned investments exceeding Rs. 1,200 trillion US dollars in the next two years.

Founder and Managing Director Chiranjeev Saluja said in a statement: “I am confident in meeting the growth expectations of stakeholders and will continue to work hard to improve the vitality of sustainable clean sources.” Premier Energies, headquartered in Hyderabad, is currently the second largest manufacturer of integrated solar photovoltaic cells and modules in India, and has completed 25 years of operation in 2020. In July of this year, Premier Energies launched their most advanced new facility in E-City Hyderabad. The solar cell manufacturing industry has recently witnessed unprecedented interest from strategic investors. These initiatives are government-driven progressive initiatives such as domestic content requirements (DCR) policies, basic tariffs (BCD) and production-related incentives under the Indian government’s Aatmanirbhar initiative ( PLI) plan. This investment from GEF Capital, a key ESG fund, is of particular significance, because this investment can be regarded as a trend leader in the private equity fraternity, supporting technology-savvy manufacturers such as Premier Energies to have a strong survival in the field of solar cell manufacturing Capacity and strong growth potential.

News Source : Backtrack