Premier Energies Targets 10-11 GW Solar Cell, Modules Manufacturing Capacity By FY27
The company aims to increase its topline by three to four times over the next two years with enhanced solar cell and module production capacity.
Premier Energies, one of India’s leading solar cell and module manufacturers, is targeting a manufacturing capacity of 10 GW to 11 GW by FY27, according to the company’s Chief Business Officer, Vinay Rustagi.
The company will achieve its goals of enhanced solar cell and module manufacturing by capitalising on the government’s push for self-reliance in the solar energy sector, Rustagi said.
“We are currently tripling our capacity, so both cell and module, we are going to be between 10 and 11 GW by next year. That will result in almost a pro rata impact on our top line,” he said during a conversation with NDTV Profit on Monday.
The company aims to diversify into related areas such as batteries and inverters, projecting a three- to four-fold increase in revenue over the next two years.
“Our further plan is to go into related areas like batteries, inverters and also upstream solar manufacturing, ingots and wafers. So, all these things together should boost our top line by something like three to four times over the next two years,” the top executive highlighted.
The government’s proactive measures, including import duties and policies mandating the use of domestically made cells, have significantly boosted demand for Indian manufacturers. The initiatives have also resulted in a robust order book for Premier Energies.
“It has boosted the demand for domestically made cells, as a result of which companies such as ourselves are directly benefiting. Our orderbook has, over the last two months, grown by more than Rs 2,000 crore to cumulatively reach about Rs 10,500 crore,” Rustagi added.
The company will execute a Rs 12,500 crore capex plan over the next three years.
“We are currently undertaking Rs 12,500 crore capex over the next three years to indigenise the entire value chain in India,” he noted.
Following the government’s initiatives for the renewable energy sector, he expects India to become self-sufficient in manufacturing solar cells in 15 months.
“Currently, because of the government policy, this part of the business is growing very rapidly. There is something like Rs 50,000 to Rs 60,000 crore of investments that are going into cell manufacturing. India should be completely self-sufficient in this business in about the next 12-15 months,” the Chief Business Officer highlighted.
Shares of Premier Energies closed 0.4% lower at Rs 1,051 apiece on the NSE, while the benchmark Nifty50 ended at 25,069.2, down 0.18%.
