Indian Premier Energies gets backing for solar manufacturing growth

Solar panels. Author: 100% Campaign.

September 29 (Renewables Now) - Private equity fund manager GEF Capital Partners is investing INR 2 billion (USD 27m/EUR 23m) in Indian solar cell and module maker Premier Energies to support the expansion of its manufacturing capacity.

Premier Energies said on Friday it has plans to boost its photovoltaic (PV) cell and module production capacity by 2 GW each, using monocrystalline PERC technology.

"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," said Premier Energies chair Surender Pal Singh.

The firm intends to invest more than INR 12 billion over the next two years. In July it unveiled a new factory at E-City Hyderabad with a capacity of 750 MW for cells and 750 MW for modules.

Centrum Capital Ltd advised Premier Energies on the private equity investment.

(INR 100.0 = USD 1.349/EUR 1.155)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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