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Starlineps Enterprises Limited’s Board of Directors has approved an investment of Rs. 160 crore in Celloraa Energy Private Limited to acquire a 50% stake in its post-money paid-up equity share capital to support the manufacturing of solar cells.
In a regulatory filing, Starlineps Enterprises Limited said that Celloraa Energy Private Limited is currently establishing a 1.2 GW solar cell manufacturing facility equipped with advanced German technology and sustainable, water-efficient manufacturing processes. As part of its long-term growth strategy, the company plans to expand its solar cell manufacturing capacity to 2.4 GW.
Furthermore, subject to the completion of customary conditions precedent, the proposed acquisition is expected to be completed within the next 12 months, subject to the relevant regulatory approvals required under applicable laws, if any, and approval from the company’s shareholders.
The company will make the investment by subscribing to new equity shares of the target entity, with the subscription amount to be paid in cash. The acquisition will be made at Rs. 64,000 per share, aggregating to Rs. 160 crore across all tranches. The company will acquire 25,000 equity shares of Rs. 10 each, representing a 50% stake in the aggregate paid-up share capital of the target entity on a fully diluted basis, in one or more tranches.
Recent trends suggest a shift towards German technology for solar cell manufacturing. For instance, German solar equipment manufacturer RENA Technologies secured an order from Bengaluru-based Emmvee Energy to supply high-throughput production equipment for 6 GW of TOPCon solar cell manufacturing capacity in India.
The order also marks one of the largest equipment deals in the country’s domestic solar manufacturing sector. More importantly, by opting for a non-Chinese supplier, Emmvee has prioritised predictability over cost. The project will deploy production solutions for TOPCon (Tunnel Oxide Passivated Contact) solar cell technology, one of the most advanced and efficient crystalline silicon cell architectures currently in commercial use.
Premier Energies has also collaborated with Germany’s RENA Technologies GmbH, entering into a technology partnership focused on process innovation for N-Type solar cells and the development of wet chemistry for next-generation tandem solar cell technologies.
The partnership combines Premier Energies’ large-scale manufacturing capabilities with RENA Technologies GmbH’s wet chemistry expertise and equipment solutions. Together, the companies aim to advance high-efficiency solar cell manufacturing by improving cell performance, increasing production throughput, and promoting more sustainable manufacturing processes.
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