Crisil Ratings upgrades Premier Energies' long-term credit rating

New Delhi, Jun 25 (PTI) Crisil Ratings has upgraded module maker Premier Energies' long-term credit rating and short-term credit rating to A positive and A1, respectively, a statement said on Wednesday.

While the long-term ratings have been revised from Crisil 'A- positive' and short-term credit rating upgraded against Crisil 'A2+' earlier, Premier Energies said in a statement.

Its Managing Director Chiranjeev Saluja said, "The upgrade reflects the strength of our business fundamentals, the resilience of our strategy, and our steadfast commitment to creating long-term value for our stakeholders. It further enhances the trust of our investors, financial institutions, and customers as we scale our operations and support India's clean energy transition".

BSE-listed Premier Energies is a leading player in India's renewable energy sector, having a 7.1 GW manufacturing capacity, including 2 GW in solar cells and 5.1 GW of solar modules.

The company plans to expand the capacity by 12.4 GW, bringing the total manufacturing capacity of solar cells to 8.4 GW and solar modules to 11.1 GW.

In FY25, its consolidated revenue more than doubled to Rs 6,518 crore. Capacity utilisation rose sharply, averaging 88 per cent for solar cells and 74 per cent for modules. PTI ABI BAL BAL