Premier Energies to invest Rs 500 cr in Hyderabad
This will be the second leg of the Rs 1,000 crore investment that the company had announced four years ago
Hyderabad: Premier Energies, a solar PV cells and module manufacturing company, is planning to invest Rs 500 crore to expand its capacity at Electronic City (e-City) in Hyderabad. This will be the second leg of the Rs 1,000 crore investment that it had announced four years ago. In June, it had commenced trial production of polycrystalline cells at their new plant, which had already seen an investment of Rs 483 crore. Soon, the unit will be formally inaugurated. These have an efficiency of 19.2 per cent, which is among the highest in the country. This will reduce the land required per MW significantly.
“Phase two of the investment will begin in about three to four months. It will take about one-and-half years for completion. We are in talks with various PE players, green renewable funds, and others for this,” Chiranjeev Saluja, Founder and Managing Director, Premier Energies, told ‘Telangana Today’.
“We have set up a 750 MW cell line and a 750 MW module line with an investment of Rs 483 crore in Phase 1. The trial production is already happening,” he said adding that the company stands number one in South India and number two across the country in manufacturing capacity.
“Today we have a GW capacity and we want to reach 3 GW manufacturing capability in the coming two years,” he explained. According to him, the solar sector has reached economies of scale and is the cheapest source of energy available in India today. Tariffs have touched about Rs 2.5 a unit.
“The demand for renewable energies is on the rise. The deployment of a solar plant is rapid as compared to a thermal plant. End users will also get the power at competitive prices,” he said. The company has another unit at Annaram near Dundigal. From here, it is already exporting the products to Canada, Nepal, Bangladesh, Sri Lanka, a few European countries, West Africa, and others.
The company currently has about 1,000 employees and is planning to double it in two years, said Saluja. The group turnover now is about Rs 1,000 crore. The company was initially a solar module maker and later added more offerings. It is now also maufacturing solar water pumps, solar rooftops, and power plants. “We commissioned 100 MW in a single location for a client about eight months ago,” he said.
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