Indian solar manufacturer Premier Energies has announced plans to foray into aluminium frame manufacturing business by setting up a 36,000 metric ton per annum facility for captive consumption. “This project would require a capex of INR 230 crore, wherein the equity portion of 25% will be funded through internal accruals,” said Chiranjeev Saluja, managing director of Premier Energies.
Premier Energies is India’s second largest integrated solar PV manufacturer as on March 31, 2024, with 2 GW of annual installed capacity for cell manufacturing alongside its 4.13 GW of annual installed capacity for module manufacturing.
Saluja said, Premier Energies is [also] executing a 1 GW TOPCon cell line expansion, which will be completed by Q4 FY25. Further leveraging the opportunities for backward integration, it is planning an investment into a wafer manufacturing facility of 2 GW, which is targeted to be commissioned by FY 2026. Premier Energies has entered into an agreement with a Taiwanese company to set up wafer manufacturing. The equipment for this has already been ordered.
Saluja said Premier Energies will also get into backward integration to ingot once the wafer line stabilizes.
For Q2 FY25, Premier Energies reported a revenue of INR 1,553.59 crore as against INR 701.81 crore in Q2 FY24, marking a 121.4% year-on-year increase. The profit after tax for the quarter stood at INR 205.95 crore, a 289.6% year-on-year growth compared to INR 52.86 crore in the same period last year.
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