Indian solar cell and module manufacturer Premier Energies Limited (PEL) is going for further backward integration with a silicon wafer manufacturing plant through a joint venture (JV) with Taiwan’s Sino-American Silicon Products Inc (SAS).
The JV company, Premier Energies GWC Private Limited, will initially aim for 2 GW annual production capacity to manufacture solar silicon wafers in India to cater to the demands of the global markets. It will be owned in a 74:26 ratio by PEL and SAS, respectively.
“The collaboration aims to bring together Premier Energies' large-scale manufacturing capabilities with SAS’s advanced expertise in semiconductor wafer manufacturing,” stated PEL.
At present, PEL operates 2 GW of solar cell and 5.1 GW of module production capacity. The 2 GW silicon wafer capacity is planned to be commercially operational by June 2026, which is when it will also expand cell capacity by an additional 6.4 GW. It plans to expand module capacity by another 6 GW by March 2026.
According to its manufacturing capacity roadmap, PEL targets to bring online 10 GW ingot production capacity by FY 2028, expanding it to 8 GW by the target year. An additional 1.6 GW solar cell capacity is planned to be added by FY 2028.
PEL has received approval from its board of directors to establish an 800 MW TOPCon solar cell production facility in Andhra Pradesh’s APIIC, Naidupeta Industrial Area by September 2026. The company board has also approved the creation of a 1.6 GW TOPCon module factory in Sitarampur Industrial Park in Ranga Reddy District of Telangana by March 2026.
It had earlier announced a JV partnership with Heliene for a 1 GW n-type TOPCon solar cell fab in the US, but currently awaits clarity on the Inflation Reduction Act (IRA) incentives (see North America Solar PV News Snippets: EDPR Commissions 400 MW Solar Projects For Microsoft & More).
The company is also expanding into battery energy storage system (BESS) cell-to-pack and container solutions, aiming for 12 GWh capacity by FY 2028. Among other growth initiatives is 3 GW solar inverters capacity by FY 2026 and 36,000 metric tons (MT) of aluminum frame capacity by FY 2027.
The aluminum frame capacity will be established under a JV agreement with Nuevosol Energy Private Limited for Premier Green Aluminium Private Limited in an 80:20 equity, respectively. This JV will invest in the business of foundry and extrusion of aluminum frames for solar PV modules, catering to the Indian market to meet domestic and captive requirements.
PEL says this strategic partnership will enable it to establish control over module component quality, ensure supply chain reliability, and support the broader Make-in-India initiative.
As of March 31, 2025, PEL had 5.303 GW of order book split into 73% modules and 27% cells. With only 1% planned for overseas, the remaining 99% of the orders are from the domestic market. This capacity is worth INR 84.45 billion ($988 million).
The manufacturer reported INR 66.52 billion in revenues for FY 2025 (period ended March 31, 2025), representing a 110% year-on-year (YoY) growth, even as its Q4 FY2025 revenues of INR 16.8 billion declined 4% quarter-on-quarter (QoQ) while having increased 48% YoY.
The domestic market comprised 94% of its total share, having reduced from 97% in the previous quarter, but its export share improved from 3% to 6% over the same period. In terms of business mix, solar modules accounted for 74% of its total revenues during the reporting quarter, whereas cells contributed 23%.
Premier Energies’ Chief Strategy Officer Sudhir M Reddy at the recently concluded TaiyangNews Solar Technology Conference.India 2025 discussed the patent challenges for TOPCon technology and urged Indian firms to build their own IP portfolios (see TaiyangNews STC.I 2025 Day 1: Innovation & Strategic Collaborations Key To India’s Solar Manufacturing Success Story).
