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BusinessHyderabad-based Premier Energies raises Rs 200 crore from GEF Capital

Hyderabad-based Premier Energies raises Rs 200 crore from GEF Capital

Published: 24th Sep 2021 5:35 pm

Hyderabad: Hyderabad-based Premier Energies, a Solar PV Cells & Module manufacturing company, announced a private equity investment of Rs 200 crore by GEF Capital Partners, a private equity manager focused on investing in climate solutions. 

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The company will use the funds as growth capital to enhance its solar PV cell and module manufacturing capacity. Centrum Capital was the exclusive advisor on this transaction.

The company will invest the equity capital to consolidate its presence as an integrated solar cell and module manufacturer by adding additional 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. Centrum Capital Limited was the exclusive advisor to Premier Energies on this transaction.

Surender Pal Singh, chairman, Premier Energies, said, the timing of investment is critical for the company to capitalise the huge growth potential presented by the industry.

Chiranjeev Saluja, founder and MD, said, “I am confident about meeting the growth expectations of our stakeholders, and at the same time we will continue to strive to improvise on sustainable sources of clean energy.”

Sridhar Narayan, founder, GEF Capital and managing partner of South Asia investment programme, added, “Premier has demonstrated a strong commitment to deploy the latest technology to address the challenges of climate change.”

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 2021, Premier Energies unveiled its new facility at E-City Hyderabad with a capacity of 750 MW solar cell, and 750 MW solar module that produces MCCE textured multi-crystalline cells and modules, Mono PERC cells and modules as well as polycrystalline cells and modules.

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