Premier Energies Clarifies Status Of US Solar Facility Amid Policy Uncertainty

Premier Energies Limited has responded to a clarification request from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) regarding a news article that claimed the company had halted its plans for a solar cell manufacturing facility in the United States due to policy uncertainty. The company explained that its plan to set up a 1.2 GW solar cell manufacturing facility in the US is still under review due to ongoing policy changes in the country. It referred to a statement made by its authorized representative during an earnings call, where it was mentioned that the Inflation Reduction Act (IRA) had been put on hold but not canceled, and that further clarity was needed on the new policy direction in the US.

Premier Energies stated that no formal negotiations had taken place with its US partner, Helaine USA Inc., regarding this matter. The company also clarified that it is not in possession of any unpublished price-sensitive information related to the issue. It assured the exchanges that all relevant updates had already been disclosed through an investor presentation, which is available on the exchange websites.

The company emphasized that the news article does not have any material impact on its business or financial position. It suggested that the article may have been based on publicly available information from its investor presentation and earnings call. The company reiterated that the review of the US facility project is still ongoing and that there have been no further developments beyond what has already been disclosed.

Premier Energies also confirmed that there are no legal proceedings related to this matter.