"The plan is to be a three-GW facility, and we are planning to invest another Rs 500 crore in the coming four months to add another (one) GW and again Rs 500 crore in the next financial year.
"So, the idea is to become 3 GW facility from 1.25 GW Module and 1.75 GW Cells," Premier Energies founder and Managing Director Chiranjeev Saluja said in a statement.
He added that the company is planning to invest another Rs 1,000-Rs 1,200 crore over the next two years.
Currently, Premier Energies has an annual manufacturing capacity of 1.25 GW modules and 0.75 GW cells.
Premier Energies, one of the country''s leading solar PV cells and module manufacturing company, is set to launch its new state-of-the-art facility at E-City Hyderabad, according to the statement.
Built with an investment of Rs 483 crore, the new venture will elevate the company among the top-five solar manufacturing players in India.
The formal inauguration of this new plant by K T Rama Rao, Minister of Municipal Administration and Urban Development of Telangana, is scheduled for July 29, it stated.
The new manufacturing unit, a greenfield (fresh) project with a capacity of 750 MW solar cells and 750 MW solar modules, will produce MCCE-textured multi-crystalline cells and modules, mono PERC cells and modules as well as 19.2 per cent efficiency polycrystalline cells and modules.
The plant has been designed to produce the latest generation products by incorporating monocrystalline PERC technology. This technology will usher in change by increasing the wafer size to 182 mm and 210 mm.
The ISO 9001/ ISO 14001-certified manufacturing facility uses state-of-the-art production systems such as TQC (total quality control) and SPC (statistical process control).
This launch will therefore increase the availability of the high-quality made-in-India solar cells aligned to Atmanirbhar Bharat initiatives.
Speaking on the significant launch, Premier Energies founder and Chairman Surender Pal Singh said, "It has been our vision to set up a business that would contribute to the environment for the larger good of the society. This new world-class facility takes us a step closer to this vision."
Saluja also stated that this new facility is a symbol of our strong commitment to the the Indian power sector, and a shining example of the success of the government''s ''Make in India'' initiative.
Headquartered in Greater Hyderabad, Telangana, the company is now second-largest integrated manufacturer of solar cells and modules in India. The company has completed 25 years of operations in 2020. PTI KKS HRS