Premier Energies is planning to invest about Rs 1,200 crore more to set up an additional two GW of solar module manufacturing capacity in Hyderabad, Telangana, taking its overall capacity to three GW.

The company is planning to raise these funds in two tranches and are in talks with PE funds. This will pave the way for its expansion over the next two years. The first deal is likely within the next three-four months.

The company, a leading manufacturer of solar photovoltaic cells and modules, is on the verge of tripling its manufacturing capacity with the addition of 1.5 GW facility at E-City in Hyderabad. Set up at a cost of Rs 483 crore, the new venture will be inaugurated by Telangana IT and Industries Minister KT Rama Rao on 29 July 2021.

The greenfield project with a capacity to manufacture 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 percent efficiency polycrystalline cells and modules.

The plant has been designed to produce the latest generation of products by incorporating the monocrystalline PERC technology, which will usher in more efficiency by increasing the wafer size (182 mm and 210 mm).

The company has capacity to manufacture 1.25 GW solar modules and 0.75 GW solar cells.