The expansion is being funded through a mix of capital sources, including INR13 billion (US$141 million) raised through an initial public offering (IPO) last year, a INR22 billion debt facility secured from the state-owned Indian Renewable Energy Development Agency (IREDA) and other internal sources.
The Hyderabad-headquartered firm is targeting a significant scale-up of its manufacturing footprint, with plans to more than double annual solar cell and module capacities to 10.6GW and 11.1GW, respectively, primarily to meet rising domestic demand.
Premier is in the process of investing around INR11 billion by 2028 to deliver the expansion. The company currently operates 5.1GW of solar module manufacturing capacity across its Hyderabad facilities, located around 50km from the newly commissioned solar cell plant.
Overall, Premier is advancing toward a fully integrated 10GW manufacturing capacity across ingots, wafers, cells and modules, while expanding into battery storage and inverter manufacturing. The New Delhi-based firm plans to more than double its current capacity to 8.4GW in cells and 11.1GW in modules by June this year.
Recently, Premier secured cell and module supply orders worth more than INR23 billion (US$255 million), the company said in an exchange filing. The contracts were awarded by a mix of domestic customers, including independent power producers (IPPs), with execution scheduled across 2027 and 2028.
