Rs 430 crore investment made by Premier Energies to add solar module capacity

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Premier Energies based in Hyderabad to increase the module manufacturing capacity from 500 megawatts to 1500 megawatt by investing Rs 430 crore. The investment is made as a result of the mandatory domestic content requirement and the market visibility offered by various central government schemes.

The new line expected to launch by April will add 750 MW of cell manufacturing capacity. Managing director of Premier Energies Chiranjeevi Saluja said that the government through various schemes such as CPSU solar scheme and KUSUM having domestic content requirements have given clear visibility of the market for the upcoming 5 years.

By using domestic ingredients by government companies, the CPSU scheme aims to establish a 12000-megawatt solar capacity, viability gap funding support of Rs 8580 has also been approved by the Cabinet for the scheme. The KUSUM scheme aims to solarise 15-lakh existing farming pumps along with added 30,000 MW of local solar components and installing 20 lakh standalone solar pumps. India’s 50% of 11-GW national panels and 3 -GW of cell manufacturing facilities are unutilized. Local manufactures in the event of lower returns are spending in research and development to upgrade products that meet global standards as technology is changing frequently.

The central government to increase domestic production had approved PLI in ten sectors. The scheme allotted Rs 4500 crores to Indian solar module manufacturers for five years. The manufactures will gain incentives based on an indigenous component of panels and their efficiency.

The cheaper rates of imported modules have resulted in their majority use for the adding capacity. Saluja added that by offering products with higher technology the difference in prices of imported and domestic products can be reduced from the current 20% to 5-6%. 

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