Premier Energies shares gain after subsidiaries bag multiple orders worth ₹1,460 crore

Premier Energies Ltd. shares gained on Wednesday, January 15, after the company a day prior said three of its subsidiaries have received multiple orders worth ₹1,460 crore for the supply of solar PV cells and modules.

The subsidiaries — Premier Energies Global Environment, Premier Energies International and Premier Energies Photovoltaic — have received orders from two large independent power producers and others. Of these, orders worth ₹1,041 crore are for solar modules and ₹419 crore are for solar cells.

The supply of the modules and cells is set to commence from May 2025, the company said.

Last month, the company’s board approved the establishment of a 1 GW solar photovoltaic TOPCon Module manufacturing facility in EMC Maheeshwaram, Telangana.

The facility will be established on leasehold premises owned by the Telangana Industrial Infrastructure Corporation and is likely to be completed by March 2025.

This 1 GW TOPCon Module facility is in addition to the planned manufacturing capacity that Premier Energies highlighted in its Red Herring Prospectus (RHP).

However, the company did not specify the amount of capex that would be required for setting up this facility and how will the company be funding the same.

In November, the company’s subsidiaries received multiple orders aggregating to ₹1,087 crore.

The orders, awarded by two large Independent Power Producers (IPPs) and one other customer, include ₹964 crore for solar modules and ₹123 crore for solar cells.

Premier Energies shares were trading 2.55% higher at ₹1,144.45 apiece at 9.35 am on Wednesday, January 15. The stock has gained 36.26% in the last six months.

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