Premier Energies Targets 10 GW Of Solar Capacity By FY28 Led By Robust Domestic Demand

Premier Energies, a leading solar cell and module manufacturing company, is targeting a 10 GW production capacity by FY28, led by strong demand in the domestic market. The company is also keen to tap opportunities abroad, especially in Europe and the United States, according to its Chief Business Officer, Vinay Rustagi.

“If you see our current business as well as the post-expansion plan to take us to 10 GW of capacity by FY28, that plan is predicated entirely on the Indian demand. The good news is that the Indian demand is going very, very robustly. We're currently at about 25 gigawatts, expected to go to 50 gigawatts in the next three to four years,” Rustagi said in an interview with NDTV Profit on Friday.

The company’s order book stood at about Rs 8,400 crore as of March 2025.

“This is equivalent to 5,300 MW, almost equivalent to our entire expected production for the year. So, I can say that very happily that our entire output for the year is nearly sold out. And we also have very, very strong demand visibility for the next financial year as well. Most of the order book is for modules, about 75%. And the rest is for cells to other module manufacturers in India,” he said.

Rustagi noted that Europe wants 40% of its demand for clean technologies to be met from local manufacturing. This represents a potentially huge opportunity for the company. “We will be very keen to tap into these markets, whether by way of local manufacturing or by way of exporting from India.”

A US Senate panel recently proposed phasing out solar and wind energy tax credits by 2028. Premier Energies is awaiting more clarity on this development. While such a proposal could cause a “pushback” on the demand side, it may be good for manufacturers.

“Early indications are that incentives will be retained for the manufacturers. So, we expect that the manufacturing sector in the US will actually get a boost and we're waiting for the final changes,” the top executive said. 

In light of the policy uncertainty, Premier Energies has placed its US expansion plans, including a 1.2 GW cell line, on hold. "As investors, we expect 100% clarity and certainty of policy making," Rustagi said.

On the domestic front, the company is seeing strong demand momentum in the residential rooftop and agricultural solar sectors, driven by government policy reforms. Currently, its order book mostly caters to large customers. 

Shares of Premier Energies closed over 6% higher at Rs 1,028 per share on Friday, compared to a 1.29% rise in the benchmark Nifty50 at 25,112.40.