Premier Energies Ltd., a leading Indian renewable energy firm, said on Saturday it has signed a joint venture agreement with Nuevosol Energy Pvt. Ltd. to produce aluminum frames for solar photovoltaic modules as part of its strategy to expand into upstream solar manufacturing.
Under the joint venture, Premier Energies will hold an 80 percent equity stake in Premier-Green Aluminium Pvt Ltd, with Nuevosol owning the remaining 20 percent, PEL said in regulatory filings.
The JV will focus on setting up a state-of-the-art facility to manufacture aluminum frames used in PV modules, aiming to serve the growing domestic solar market.
“The strategic partnership leverages both parties’ technical capabilities to ensure quality control, secure supply chains, and align with the government’s Make-in-India initiative,” the company said. The JV board will include five directors, with PEL nominating four and Nuevosol one.
Premier-Green Aluminium is currently a wholly owned subsidiary of Premier Energies. No share issuance details have been disclosed yet, and contributions will be made in line with the agreed 80:20 ratio.
PEL Commits $5.7M to Expand Solar Cell and Module Capacity
In a separate announcement, Premier Energies’ board and the board of its wholly owned subsidiary, Premier Energies Global Environment Pvt. Ltd., approved two new manufacturing facilities to boost its solar cell and module capacities.
The first project will establish an 800-megawatt TOPCon, or tunnel oxide passivated contact, solar cell manufacturing facility in Naidupeta, Andhra Pradesh, which is scheduled for completion by September 2026.
TOPCon is an advanced process used to produce high-efficiency crystalline silicon solar cells.
The second will set up a 1.6-gigawatt TOPCon solar module plant at Sitarampur Industrial Park in Telangana, scheduled to be completed by March 2026.
Together, the projects will add 2.4 GW of solar manufacturing capacity and require a combined investment of ₹474.75 crore ($5.72 million) — ₹349.75 crore for cells and ₹125 crore for modules — to be funded through internal accruals.
According to Annexure-A provided in the filing, Premier currently operates 2 GW of cell and 5.1 GW of module capacity, with utilization rates at 1.61 GW and 2.43 GW, respectively, as of the fourth quarter of 2025.
The new projects come in addition to 5.57 GW cell and 4.4 GW module capacity currently under construction.
“The capacity expansion aligns with our strategic roadmap to meet surging demand and strengthen our footprint in the solar value chain,” the company said.
