Solar PV cell, module maker Premier Energies raises ₹200 cr from GEF Capital

MUMBAI: Premier Energies, a solar photovoltaic (PV) cells and module manufacturing company, on Friday said that private equity firm GEF Capital Partners has invested ₹200 crore in the company. Premier Energies will use the funds as growth capital to enhance its solar PV cell and module manufacturing capacity.

Centrum Capital was the exclusive advisor to Premier Energies on this transaction.

The company will invest the equity capital to add new capacity of 2 GW cell manufacturing and 2 GW of module manufacturing, along with a planned investment of over ₹1,200 crore over the next two years.

“We are extremely upbeat about the progressive policy changes brought about by GOI in this sector. 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,” said Chiranjeev Saluja, founder and managing director, Premier Energies.

In July, Premier Energies opened its new facility at E-City Hyderabad with a capacity of 750 MW solar cell and 750 MW solar module.

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