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Premier Energies has entered the residential solar inverter market by acquiring KSolare Energy for INR 170 crore through a joint venture with Syrma SGS Technology. This move follows its acquisition of a majority stake in Transcon Industries for INR 500.3 crore. The JV aims to make made-in-India inverters widely available under government rooftop solar initiatives. A new manufacturing facility in Pune will increase production to one million inverters annually, while Premier Energies continues to expand its solar cell, module, and battery storage operations.
Premier Energies has expanded into the solar inverter segment by acquiring a 100 per cent stake in KSolare Energy for INR 170 crore through a joint venture. This comes shortly after the company acquired a majority 51 per cent stake in Transcon Industries for INR 500.3 crore, entering the transformer manufacturing segment. Advertisement
The acquisition deal was finalized through definitive agreements with Syrma SGS Technology, with the ownership of KSolare Energy structured in a 51:49 per cent ratio between Premier Energies and its joint venture partner. With this partnership, the company has positioned itself in the fast-growing residential solar inverter market, which is witnessing increasing demand due to government initiatives promoting rooftop solar installations.
Chiranjeev Saluja, MD & CEO of Premier Energies, stated that the company, along with its JV partner, plans to leverage the growing opportunities in the domestic rooftop segment. He added that the collaboration aims to make high-quality, made-in-India solar inverters accessible for every rooftop installation under initiatives such as the PM Surya Ghar Muft Bijli Yojana.
The joint venture is planning to establish a brownfield manufacturing facility in Pune, which will expand annual production capacity to one million inverters. Currently, KSolare Energy's Pune facility manufactures around 500,000 inverters per year and specialises in designing and producing a wide range of inverters, including on-grid, off-grid, and hybrid models, mainly catering to residential consumers.
Premier Energies is already active in the manufacturing of solar cells and modules and is scaling up to achieve a fully integrated 10 GW capacity across ingots, wafers, cells, and modules. In addition, the company is foraying into battery storage and inverter manufacturing, positioning itself as a comprehensive player across the renewable energy value chain.
Source PTI
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