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HYDERABAD, India, Sept. 24, 2021 /PRNewswire/ -- Premier Energies, one of India's leading Solar PV Cells & Module manufacturing companies, has raised a Private Equity investment of INR 200 crores in the company by GEF Capital Partners, a global private equity manager focused on investing in climate solutions. Premier Energies will use the funds as growth capital to enhance its solar PV cell and module manufacturing capacity. Centrum Capital Limited was the exclusive advisor to Premier Energies on this transaction.
The Company will invest the equity capital to consolidate its presence as a leading 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 INR 1200 Crores over the next 2 years.
Surender Pal Singh, Chairman, Premier Energies, said, "We are excited to have a credible partner like GEF Capital on board and the timing of investment is critical for us to capitalize on the huge growth potential presented by the industry."
Chiranjeev Saluja, Founder, and Managing Director, said, "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."
Sridhar Narayan, a founder of GEF Capital and Managing Partner of the South Asia investment program, said, "Premier has demonstrated a strong commitment to deploying the latest technology to address the challenges of climate change. GEF Capital is proud to partner with Premier Energies to build a world-class solar manufacturing business."
Based in Hyderabad, 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 their new state-of-the-art facility at E-City Hyderabad with a capacity of 750 MW solar cells & a 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.
The solar cell manufacturing sector has lately witnessed unprecedented interest from strategic investors led by progressive Government has driven initiatives like Domestic Content Requirement (DCR) policy, Basic Customs Duty (BCD), and Production Linked Incentive (PLI) scheme under the Atmanirbhar initiative of GOI. This investment from GEF Capital, an ESG focussed fund, gains significance in particular since this investment could be seen as a trendsetter amongst the private equity fraternity endorsing strong viability and robust growth potential in solar cell manufacturing space for technology-savvy manufacturers like Premier Energies.
About GEF Capital Partners:
GEF Capital Partners is a private equity fund manager focused on investing in companies that promote resource efficiency and contribute to building a more sustainable future. With operations in the United States, Brazil, and India, GEF Capital works with its portfolio companies to bring capital as well as strategic and operational expertise to businesses that promote the efficient use of scarce natural resources by enabling clean energy, improving energy efficiency, reducing the amount of waste generated or water used, or building products using fewer or more efficient materials. GEF Capital seeks to invest capital in ways that deliver both private equity risk-adjusted returns, along with positive environmental outcomes. Visit https://gefcapital.com/capital-partners/ for additional information.
About Premier Energies:
Premier Energies is one of India's leading Solar PV Cells & Module manufacturing companies providing end-to-end solar power solutions to organizations across India and 30 countries in Europe, Africa, and Asia. For over two and a half decades, the company has been driving sustainability in the renewable energy sector with a spectrum of products and innovations in energy generation and storage. Premier is the first Indian solar module manufacturing company to be BIS certified and the world's 1st CB certified company for Solar PV modules issued by UL. Formerly Premier Solar, Premier Energies has today diversified from solar energy to a fully integrated clean energy company offering end-to-end solutions.