Premier Energies Expands in Solar Inverter Market with Key Acquisition

Premier Energies has entered the solar inverter market by acquiring a full stake in KSolare Energy for Rs 170 crore. This follows their recent investment in Transcon Industries. Together with Syrma SGS, they aim to enhance domestic rooftop installations and plan a new manufacturing facility in Pune.

Expanding its reach in the renewable energy sector, Premier Energies announced on Friday its acquisition of a complete stake in KSolare Energy, venturing into the solar inverter segment for Rs 170 crore.

The announcement follows the company's recent entry into transformer manufacturing, showcased by its acquisition of a 51 percent stake in Transcon Industries for Rs 500.3 crore. This series of strategic expansions highlights Premier Energies' commitment to bolstering its portfolio in the renewable sector.

In collaboration with Syrma SGS Technology, Premier Energies plans to significantly boost the production of high-quality inverters, which aligns with the government's PM Surya Ghar Muft Bijli Yojana initiative. A new manufacturing facility in Pune aims to increase production capacity to one million units annually, addressing the burgeoning demand in the residential market.

(With inputs from agencies.)