Leading solar PV cells and module manufacturers Premier Energies said it has raised Rs 200 crore in private equity investment from GEF Capital Partners a global private equity manager focused on investing in climate solutions.
The Hyderabad-based company said in a statement that it will use the funds to enhance its solar PV cell and module manufacturing capacity.
The company will invest the equity capital to consolidate its presence as a leading integrated solar cell and module manufacturer by adding a capacity of 2 GW cell manufacturing and 2 GW of module manufacturing, along with a planned investment of over Rs 1,200 crore over the next two years.
Chiranjeev Saluja, Founder and Managing Director at Premier Energies, said, “I am confident about meeting the growth expectations of our stakeholders, and at the same time will continue to strive to improvise on sustainable sources of clean energy.”
Currently, Premier Energies is the second largest integrated solar photovoltaic cell and module manufacturer in India and has completed 25 years of operations in 2020.
In July this year, Premier Energies unveiled their new state-of-the-art facility at E-City Hyderabad.
(With inputs from PTI)