Premier Energies is planning to invest around ₹6,000 crore over the next three years to build ingot and wafer capabilities to become an integrated player in solar manufacturing in India, according to Vinay Rustagi, Chief Business Officer (CBO) at Premier Energies. This investment is part of the company's ₹12,500 crore capex plan, which also includes more than doubling cell and module capacity to 10.6 gigawatt and 11.1 gigawatt respectively and foraying into new areas like inverters, batteries and transformers. As reported by PTI, Rustagi emphasized that "We are investing to build our capabilities further. Our total investment in the ingot and wafer business will be approximately ₹6,000 crore over the next three years (by 2028)."
The project has been approved by the Andhra Pradesh government, which has provided 200 acres of land in Naidupeta, around 45 minutes away from Tirupati. According to reports from PTI, the company will set up 10 gigawatt of ingot and 10 gigawatt wafer capacity at the said location, with work expected to begin soon. At present, Premier Energies manufactures 3.6-gigawatt cells and 11.1 GW modules annually from plants situated around Hyderabad in Telangana. With the operationalisation of the ingot and wafer projects, Premier Energies will become a complete integrated player in the solar manufacturing sector in the country.
With the operationalisation of the ingot and wafer projects, Premier Energies will become a complete integrated player in the solar manufacturing sector in the country, as reported by PTI. A solar panel requires modules that contain cells, and cell manufacturing needs an ingot for which a wafer is necessary. The investments are in line with the government's push for self-reliance in solar manufacturing, with Rustagi stating that "The investments are driven by the government's policy roadmap. The government has said that, from 2028 onwards, all the ingots and wafers consumed in India will have to be made domestically."
On March 18, the Ministry of New and Renewable Energy (MNRE) announced that it would include ingots and wafers in the ALMM framework, which was limited to modules and cells earlier, to strengthen the local solar manufacturing ecosystem and its usage in the domestic market. The latest ALMM List-III for ingots and wafers will take effect from June 1, 2028. Through the introduction of the Approved List of Models and Manufacturers (ALMM), the government is encouraging the local industry to manufacture all components in India for its local application.
The investments are driven by the government's policy roadmap, with the government stating that from 2028 onwards, all the ingots and wafers consumed in India will have to be made domestically. As reported by PTI, Rustagi stated that the company is setting up this capacity primarily to meet its captive requirements, but will also look to sell wafers in the open market. The company's strategy aligns with the government's push for self-reliance in solar manufacturing through domestic component production, ensuring India's solar manufacturing ecosystem becomes fully integrated and self-sufficient.
