Premier Energies Subsidiaries Get Solar Cells, Module Orders From Two IPPs

Premier Energies

Subsidiaries of Telangana-based Premier Energies have secured multiple solar cells and module supply orders. The company got the order totaling Rs.1460 crore from two large Independent Power Producers (IPPs) and others. Sharing the estimated timeline for the order, the company noted, “The supply of these modules is scheduled to commence in May 2025.”

The subsidiaries involved are Premier Energies Global Environment Private Limited, Premier Energies International Private Limited, and Premier Energies Photovoltaic Private Limited, have received and accepted multiple orders have secured these orders.

The company shared the scale of the solar cells and module orders, stating, “Orders totaling Rs.1460 crore were received from two large Independent Power Producers (IPPs) and others. These orders include INR 1041 crore for solar modules and INR 419 crore for solar cells.”

Premier Energies

This comes at a time when the Ministry of New and Renewable Energy (MNRE) has proposed to bring solar cell production under an ALMM (Approved List of Models and Manufacturers) akin to ALMM for solar modules. The imposition of ALMM earlier, by the ministry, put forth a non-tariff barrier to boost domestic solar module production by halting the penetration of cheap Chinese solar modules.

Premier energies, as one of the few solar firms with a significant cell manufacturing capacity besides its module manufacturing finds itself well placed to  lock in orders while there remains shortage of domestically produced cells in the country. Sometime back the firm also announced an additional 1 GW TOPCon manufacturing facility in addition to its planned expansions. The facility will be located at EMC Maheeshwaram, Telangana on leasehold premises owned by TGIIC (Telangana Industrial Infrastructure Corporation). The project is expected to be completed by March 2025.

Strong Financials

Post its successful IPO, for the Q2 FY25, company had achieved a revenue of INR1,553.59 crores as against INR701.81 crores in Q2 FY24, marking a 121.4% year-on-year increase. The profit after tax for the quarter serves to INR205.95 crores, making a remarkable 289.6% year-on-year growth compared to INR52.86 crores in the same period last year. PAT margin improved from 7.53% in Q2 FY24 to 13.26% in Q2 FY25. Q3 results from the firm are expected later this month or in early Feb, 2025.