Premier Energies Global Environment (PEGEPL), a subsidiary of Premier Energies, has announced setting up of a 1 GW solar module manufacturing facility at the EMC Maheshwaram industrial zone in Telangana, on leasehold premises owned by the Telangana Industrial Infrastructure Corporation (TGIIC).

This move is a part of Premier Energies’ plan to augment its tunnel oxide passivated contact (TOPCon) module manufacturing capabilities and cater to the growing demand for high-efficiency solar modules.

The proposed project, approved by the company’s capex committee and board of directors, is expected to be completed by March 2025.

Electronics Manufacturing Clusters (EMC) are established across the country to create infrastructure with common facilities and amenities needed and upgrade the infrastructure in industrial areas as common facility centre for attracting investment in electronics manufacturing.

Premier Energies had previously invested ₹4.83 billion (~$66.3 million) to establish a 1.5 GW facility in Hyderabad to manufacture advanced monocrystalline passivated emitter and rear cell (monoPERC) technology cells using larger wafers.

In August this year, Premier Energies’ ₹28.30 billion (~$337.4 million) initial public offering (IPO) of shares received an overwhelming response from various investor categories, with the issue subscribed over 74 times.

Also in August, Premier Energies entered into a joint venture with Heliene, a North America-based solar PV module manufacturer, to establish a solar cell manufacturing facility in the U.S.

In 2021, Premier Energies raised ₹2 billion (~$27.11 million) from climate investment-focused private equity manager GEF Capital Partners.

In the first half of 2024, India added 11.3 GW of solar modules and 2 GW of solar cell capacity, according to Mercom’s State of Solar PV Manufacturing in Indian report. The capacity additions during the period were primarily driven by strong demand, with solar project pipelines totaling 132.7 GW between 2024 and 2026 and the reimposition of the Approved List of Models and Manufacturers (ALMM) order from April 2024.

India’s cumulative solar module and cell manufacturing capacity reached 77.2 GW and 7.6 GW, respectively, as of June 2024.