Author: abhishek2019cs034abesit@gmail.com

Premier Energies Limited has received a one notch credit rating upgrade for its long-term credit rating to A+/Positive from A/Positive from CRISIL Ratings Limited. The company’s short-term rating stands unchanged at A1.

The rating upgrade reflects Premier Energies’ strengthening business and financial profile, supported by its robust operating performance, disciplined execution and expansion of integrated manufacturing capabilities.

The upgrade follows a strong start to FY27. In Q1 FY27, Premier Energies reported total revenue of ₹25,076 million, up 34.1% YoY; EBITDA of ₹7,594 million, up 27.2% YoY with a margin of 30.3%; and PAT of ₹4,719 million, up 53.3% YoY. During the quarter, the Company produced 844 MW of solar cells, 953 MW of solar modules and 570 MVA of transformers.

The Company also secured orders worth ₹3,011 crore during Q1 FY27, comprising 1,846 MW of solar cells and modules, with deliveries scheduled across FY27 and FY28, providing strong business visibility. The orders came from a mix of leading power producers, module manufacturers, EPC companies and other customers.

Commenting on the rating upgrade, Mr. Nand Kishore Khandelwal, Group CFO, Premier Energies Limited, said: “The credit rating upgrade reflects the continued strengthening of Premier Energies’ business fundamentals and our disciplined approach to growth. As we expand our integrated manufacturing capabilities, our focus remains on technology leadership, operational excellence and prudent financial management. We remain committed to building a globally competitive clean-energy manufacturing platform in India and contributing to the country’s Make in India and energy security objectives.”

Premier Energies recently inaugurated its 5.6 GW Seetharampur module manufacturing facility, one of India’s most advanced module manufacturing plants, equipped with automation capable of producing four modules every 16 seconds. The Company is also making significant progress on its 7 GW solar cell manufacturing facility at Naidupeta, further strengthening its domestic manufacturing capabilities and integrated solar manufacturing footprint.

REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, a Maharatna CPSU under the Ministry of Power, handed over Vizag Power Transmission Limited, the project-specific Special Purpose Vehicle (SPV), to the successful bidder, M/s Adani Energy Solutions Limited, on 14 August, 2026.

M/s Adani Energy Solutions Limited emerged as the successful bidder through the Tariff-Based Competitive Bidding (TBCB) process conducted by RECPDCL, the Bid Process Coordinator, for development of inter-state transmission project “Transmission System for Proposed Green Hydrogen / Green Ammonia projects in Vizag area, Andhra Pradesh (Phase-I)” on a Build, Own, Operate and Transfer (BOOT) basis.

The SPV was handed over by Sh. Rajkumar Sonkar, HoD (CS), RECPDCL to Mr. Shashank Sharma, CBDO, Adani Energy Solutions Limited, in the presence of Shri Ratnesh Kumar, GM (Engg.) and other senior officials from RECPDCL, Adani Energy Solutions Limited and Central Transmission Utility of India Limited.

The transmission project broadly envisages establishment of 4×1500 MVA, 765/400 kV Pendurthi GIS substation and 3×1500, 765/400 kV Khammam-II substation, 765 kV D/c Line from Pendurthi to Srikakulam (226 km), Khammam-II to Warangal New (153 km), Khammam-II to Pendurthi (338 km), 400 D/c line Khammam-II to Khammam (existing) (60 km) along with associated works. The project implementation schedule is 30 months at an estimated cost of Rs. 8,386 crores.

REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, a Maharatna CPSU under the Ministry of Power, handed over Vizag Power Transmission Limited, the project-specific Special Purpose Vehicle (SPV), to the successful bidder, M/s Adani Energy Solutions Limited, on 14 August, 2026.

M/s Adani Energy Solutions Limited emerged as the successful bidder through the Tariff-Based Competitive Bidding (TBCB) process conducted by RECPDCL, the Bid Process Coordinator, for development of inter-state transmission project “Transmission System for Proposed Green Hydrogen / Green Ammonia projects in Vizag area, Andhra Pradesh (Phase-I)” on a Build, Own, Operate and Transfer (BOOT) basis.

The SPV was handed over by Sh. Rajkumar Sonkar, HoD (CS), RECPDCL to Mr. Shashank Sharma, CBDO, Adani Energy Solutions Limited, in the presence of Shri Ratnesh Kumar, GM (Engg.) and other senior officials from RECPDCL, Adani Energy Solutions Limited and Central Transmission Utility of India Limited.

The transmission project broadly envisages establishment of 4×1500 MVA, 765/400 kV Pendurthi GIS substation and 3×1500, 765/400 kV Khammam-II substation, 765 kV D/c Line from Pendurthi to Srikakulam (226 km), Khammam-II to Warangal New (153 km), Khammam-II to Pendurthi (338 km), 400 D/c line Khammam-II to Khammam (existing) (60 km) along with associated works. The project implementation schedule is 30 months at an estimated cost of Rs. 8,386 crores.

REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, a Maharatna CPSU under the Ministry of Power, handed over Vizag Power Transmission Limited, the project-specific Special Purpose Vehicle (SPV), to the successful bidder, M/s Adani Energy Solutions Limited, on 14 August, 2026.

M/s Adani Energy Solutions Limited emerged as the successful bidder through the Tariff-Based Competitive Bidding (TBCB) process conducted by RECPDCL, the Bid Process Coordinator, for development of inter-state transmission project “Transmission System for Proposed Green Hydrogen / Green Ammonia projects in Vizag area, Andhra Pradesh (Phase-I)” on a Build, Own, Operate and Transfer (BOOT) basis.

The SPV was handed over by Sh. Rajkumar Sonkar, HoD (CS), RECPDCL to Mr. Shashank Sharma, CBDO, Adani Energy Solutions Limited, in the presence of Shri Ratnesh Kumar, GM (Engg.) and other senior officials from RECPDCL, Adani Energy Solutions Limited and Central Transmission Utility of India Limited.

The transmission project broadly envisages establishment of 4×1500 MVA, 765/400 kV Pendurthi GIS substation and 3×1500, 765/400 kV Khammam-II substation, 765 kV D/c Line from Pendurthi to Srikakulam (226 km), Khammam-II to Warangal New (153 km), Khammam-II to Pendurthi (338 km), 400 D/c line Khammam-II to Khammam (existing) (60 km) along with associated works. The project implementation schedule is 30 months at an estimated cost of Rs. 8,386 crores.

REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, a Maharatna CPSU under the Ministry of Power, handed over Vizag Power Transmission Limited, the project-specific Special Purpose Vehicle (SPV), to the successful bidder, M/s Adani Energy Solutions Limited, on 14 August, 2026.

M/s Adani Energy Solutions Limited emerged as the successful bidder through the Tariff-Based Competitive Bidding (TBCB) process conducted by RECPDCL, the Bid Process Coordinator, for development of inter-state transmission project “Transmission System for Proposed Green Hydrogen / Green Ammonia projects in Vizag area, Andhra Pradesh (Phase-I)” on a Build, Own, Operate and Transfer (BOOT) basis.

The SPV was handed over by Sh. Rajkumar Sonkar, HoD (CS), RECPDCL to Mr. Shashank Sharma, CBDO, Adani Energy Solutions Limited, in the presence of Shri Ratnesh Kumar, GM (Engg.) and other senior officials from RECPDCL, Adani Energy Solutions Limited and Central Transmission Utility of India Limited.

The transmission project broadly envisages establishment of 4×1500 MVA, 765/400 kV Pendurthi GIS substation and 3×1500, 765/400 kV Khammam-II substation, 765 kV D/c Line from Pendurthi to Srikakulam (226 km), Khammam-II to Warangal New (153 km), Khammam-II to Pendurthi (338 km), 400 D/c line Khammam-II to Khammam (existing) (60 km) along with associated works. The project implementation schedule is 30 months at an estimated cost of Rs. 8,386 crores.

REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, a Maharatna CPSU under the Ministry of Power, handed over Vizag Power Transmission Limited, the project-specific Special Purpose Vehicle (SPV), to the successful bidder, M/s Adani Energy Solutions Limited, on 14 August, 2026.

M/s Adani Energy Solutions Limited emerged as the successful bidder through the Tariff-Based Competitive Bidding (TBCB) process conducted by RECPDCL, the Bid Process Coordinator, for development of inter-state transmission project “Transmission System for Proposed Green Hydrogen / Green Ammonia projects in Vizag area, Andhra Pradesh (Phase-I)” on a Build, Own, Operate and Transfer (BOOT) basis.

The SPV was handed over by Sh. Rajkumar Sonkar, HoD (CS), RECPDCL to Mr. Shashank Sharma, CBDO, Adani Energy Solutions Limited, in the presence of Shri Ratnesh Kumar, GM (Engg.) and other senior officials from RECPDCL, Adani Energy Solutions Limited and Central Transmission Utility of India Limited.

The transmission project broadly envisages establishment of 4×1500 MVA, 765/400 kV Pendurthi GIS substation and 3×1500, 765/400 kV Khammam-II substation, 765 kV D/c Line from Pendurthi to Srikakulam (226 km), Khammam-II to Warangal New (153 km), Khammam-II to Pendurthi (338 km), 400 D/c line Khammam-II to Khammam (existing) (60 km) along with associated works. The project implementation schedule is 30 months at an estimated cost of Rs. 8,386 crores.

Saatvik Solar Industries Private Limited has signed a Memorandum of Understanding (MoU) with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Government of Odisha, for setting up a 3.6 GW Solar Cell Manufacturing Facility at Gopalpur in Ganjam district, Odisha.

The proposed facility marks an important step in Saatvik Solar’s plans to further expand its manufacturing capabilities in Odisha and contribute to the development of the state’s renewable energy manufacturing ecosystem. The project is also expected to create employment opportunities and support the development of the wider industrial ecosystem in the region.

The new facility will form part of Saatvik Solar’s broader manufacturing development at Gopalpur, where the company is already progressing with its Phase I integrated manufacturing facility. Phase I has achieved key construction and installation milestones and is now advancing towards commissioning. Tool installation is progressing well, with ramp-up set to commence shortly, marking a significant step towards operational readiness.

Saatvik Solar’s Phase I manufacturing facility at Gopalpur has made substantial progress, with major construction and infrastructure works completed and equipment installation and testing activities advancing across the facility.

The company has also completed key power infrastructure milestones, with the dedicated 220 kV substation ready for charging. Manufacturing lines are progressing through the final stages of installation, testing, validation and process readiness, with the company moving towards the next stage of operations.

The cell line is on track for ramp-up shortly, marking a key step towards operational readiness, with the ALMM-II inspection planned for September—bringing the facility closer to full-scale commercialisation.

Commenting on the milestone, Mr. Prashant Mathur, CEO, Saatvik Green Energy Limited, said, “Odisha is more than a manufacturing milestone for Saatvik; it is a statement of our ambition. As our 2.4 GW cell and 4 GW module manufacturing lines move towards production, we are taking a decisive step towards building scale, strengthening integration and creating the foundation for our next phase of robust growth. India’s clean energy opportunity is enormous, and we intend to play a defining role in it. Our ambition is to build manufacturing capabilities that are globally competitive, technologically advanced and deeply aligned with India’s journey towards energy security and self-reliance. Building on the momentum of Phase I, we are advancing plans for a further 3.6 GW Phase II expansion at Gopalpur, which will significantly scale our integrated manufacturing footprint and strengthen our ability to meet the growing demand for domestically manufactured solar products. With Phase II targeted for commercial production by FY28, we are preparing for the next leap in scale. The future we see is one where India is not only a major consumer of clean energy, but a global manufacturing powerhouse for it. Saatvik is determined to help build that future by investing in capacity, technology and excellence today and creating a stronger, more resilient and more sustainable energy ecosystem for tomorrow.”

Alongside the progress of Phase I, Saatvik Solar is advancing plans for the next phase of development at Gopalpur, which will further scale its integrated manufacturing capabilities. The Phase II 3.6 GW cell capacity expansion is being planned to support the growing demand for domestically manufactured solar products and deepen the company’s presence across the solar value chain.

The company’s phased development at Gopalpur reflects its long-term approach towards building an integrated and technologically advanced solar manufacturing ecosystem, with a focus on scale, operational excellence, quality and supply chain resilience.

Saatvik Solar Industries Private Limited has signed a Memorandum of Understanding (MoU) with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Government of Odisha, for setting up a 3.6 GW Solar Cell Manufacturing Facility at Gopalpur in Ganjam district, Odisha.

The proposed facility marks an important step in Saatvik Solar’s plans to further expand its manufacturing capabilities in Odisha and contribute to the development of the state’s renewable energy manufacturing ecosystem. The project is also expected to create employment opportunities and support the development of the wider industrial ecosystem in the region.

The new facility will form part of Saatvik Solar’s broader manufacturing development at Gopalpur, where the company is already progressing with its Phase I integrated manufacturing facility. Phase I has achieved key construction and installation milestones and is now advancing towards commissioning. Tool installation is progressing well, with ramp-up set to commence shortly, marking a significant step towards operational readiness.

Saatvik Solar’s Phase I manufacturing facility at Gopalpur has made substantial progress, with major construction and infrastructure works completed and equipment installation and testing activities advancing across the facility.

The company has also completed key power infrastructure milestones, with the dedicated 220 kV substation ready for charging. Manufacturing lines are progressing through the final stages of installation, testing, validation and process readiness, with the company moving towards the next stage of operations.

The cell line is on track for ramp-up shortly, marking a key step towards operational readiness, with the ALMM-II inspection planned for September—bringing the facility closer to full-scale commercialisation.

Commenting on the milestone, Mr. Prashant Mathur, CEO, Saatvik Green Energy Limited, said, “Odisha is more than a manufacturing milestone for Saatvik; it is a statement of our ambition. As our 2.4 GW cell and 4 GW module manufacturing lines move towards production, we are taking a decisive step towards building scale, strengthening integration and creating the foundation for our next phase of robust growth. India’s clean energy opportunity is enormous, and we intend to play a defining role in it. Our ambition is to build manufacturing capabilities that are globally competitive, technologically advanced and deeply aligned with India’s journey towards energy security and self-reliance. Building on the momentum of Phase I, we are advancing plans for a further 3.6 GW Phase II expansion at Gopalpur, which will significantly scale our integrated manufacturing footprint and strengthen our ability to meet the growing demand for domestically manufactured solar products. With Phase II targeted for commercial production by FY28, we are preparing for the next leap in scale. The future we see is one where India is not only a major consumer of clean energy, but a global manufacturing powerhouse for it. Saatvik is determined to help build that future by investing in capacity, technology and excellence today and creating a stronger, more resilient and more sustainable energy ecosystem for tomorrow.”

Alongside the progress of Phase I, Saatvik Solar is advancing plans for the next phase of development at Gopalpur, which will further scale its integrated manufacturing capabilities. The Phase II 3.6 GW cell capacity expansion is being planned to support the growing demand for domestically manufactured solar products and deepen the company’s presence across the solar value chain.

The company’s phased development at Gopalpur reflects its long-term approach towards building an integrated and technologically advanced solar manufacturing ecosystem, with a focus on scale, operational excellence, quality and supply chain resilience.