Expanding its portfolio of renewable energy (RE) business, Premier Energies on Friday announced a foray into solar inverter segment acquiring 100 per cent stake of KSolare Energy for Rs 170 crore in a joint venture partnership.
The announcement follows Premier Energies entry into transformer manufacturing by acquiring a majority 51 per cent stake in Transcon Industries for a total consideration of Rs 500.3 crore on Thursday.
In a statement, the company said it has entered into definitive agreements with Syrma SGS Technology to acquire the entire ownership of KSolare Energy in the ratio of 51:49 per cent.
With the acquisition, Premier Energies has forayed into the fast-growing residential solar inverter segment with the JV partner.
The acquisition has been made for a consideration of Rs 170 crore.
Premier Energies MD & CEO Chiranjeev Saluja said his company, along with the JV partner, aims to leverage the opportunities in the domestic rooftop segment.
"Together with SYRMA SGS, we aim to make high-quality made in India inverters accessible to every rooftop installation under the government's PM Surya Ghar Muft Bijli Yojana initiative," he said.
The joint-venture also plans to set up a new brownfield manufacturing facility in Pune to scale up production capacity to one million inverters annually.
KSolare Energy operates a manufacturing facility in Pune with a production capacity of 500,000 inverters per annum.
It specialises in designing and manufacturing a wide range of solar inverters, including on-grid, off-grid, and hybrid models mainly for the residential market.
Premier Energies is into manufacturing of solar cells and modules.
The company is scaling up to achieve a fully integrated 10 GW capacity across ingots, wafers, cells, and modules, while also foraying into battery storage and inverter manufacturing.
