EXECUTIVE SUMMARY

India-based integrated solar cell and module manufacturer, Premier Energies has entered into a binding term sheet with RCT Energy India Private Limited, part of Germany-based RCT Group, to establish a 12 GWh battery energy storage system manufacturing facility in Telangana. The agreement, signed on September 10, 2026, marks Premier Energies’ planned expansion into energy storage manufacturing.

The facility will be developed through Premier Energies Storage Solutions Private Limited (PESSPL), with its headquarters at Seetharampur, Telangana. Premier Battery Technologies Private Limited, a wholly owned subsidiary of Premier Energies, is proposed to hold an 85% equity stake in the joint venture, while RCT Energy India will initially hold 15%.

RCT Energy India will have an option to increase its shareholding to 20%. If exercised, Premier Battery Technologies’ holding would decline to 80%. The parties plan to execute definitive agreements, including a Shareholders’ Agreement, within 30 days of signing the binding term sheet.

The proposed manufacturing facility will have an overall capacity of 12 GWh. Development is planned in phases, with the first phase providing 6 GWh of manufacturing capacity. Operations for Phase 1 are expected to commence in FY27-28.

The facility is intended to manufacture BESS products for commercial, industrial and utility-scale applications. Premier Energies and RCT also plan to use the facility as an export-oriented manufacturing platform serving both Indian and international markets. The partnership is expected to combine Premier Energies’ manufacturing presence in India with RCT’s engineering expertise and global supply-chain network.

For Premier Energies, the proposed joint venture represents an expansion beyond its existing solar cell and module manufacturing operations into battery energy storage. The company said the move is intended to broaden its capabilities across the renewable energy value chain.

Premier Energies Managing Director Chiranjeev Saluja said energy storage would play an important role as India expands renewable energy generation and highlighted the company’s intention to manufacture BESS products for domestic and international markets.

The proposed 12 GWh facility will be subject to execution of the definitive agreements and subsequent development. The disclosed information does not specify the investment required for the manufacturing facility or the battery chemistry that will be used.