Premier Energies shares in focus after Q2 update reveals fresh orders worth Rs 4,000 crore
ETMarkets.comPremier Energies’ share price is down 13% in the last one year.
The orders are a combination of solar cell and module supplies (total 2,308 MW) and EPC project execution. The strong order inflow supports Premier Energies’ growth plans as the company continues to scale up its manufacturing capabilities. Its total module manufacturing capacity has nearly doubled to 11.1 GW, while solar cell manufacturing capacity has risen from 3.6 GW to 10.6 GW following the commissioning of a 7 GW TOPCon solar cell manufacturing facility at Naidupeta, Andhra Pradesh, last month, the company said.
Commenting on the development, Chiranjeev Saluja, Managing Director of Premier Energies, said the growing order book reflects the company’s growth strategy and execution capabilities. He added that customers in India’s solar market increasingly demand scale, bankability and the latest technology, and that the company is equipped to cater to requirements across market segments as India’s largest integrated solar manufacturer.
Premier Energies’ share price is down 13% in the last one year.
Last month, the company commissioned a 7 GW solar cell manufacturing facility in Andhra Pradesh, taking its total solar cell manufacturing capacity to 10.6 GW as the company expands production to meet rising demand for high-efficiency solar modules.
The N-type TOPCon G12R facility at Naidupeta has begun trial runs, while the plant is built across 101 acres at a capital expenditure of Rs 3,293 crore, the company said. It described the facility as India’s largest solar cell manufacturing plant, and said the commissioning was completed on schedule and within the planned budget.
The capacity addition comes at a time when India is stepping up its solar manufacturing and deployment to support its broader clean-energy goals. With solar power already accounting for a growing share of the country’s renewable capacity, the government is targeting 500 GW of installed non-fossil fuel capacity by 2030 as it works towards its longer-term net-zero goal for 2070.