- Premier Energies Limited (PREMIERENE) disclosed the execution of a Share Allotment cum Shareholders Agreement for its Battery Energy Storage System (BESS) joint venture with RCT Nexor Energy Private Limited.
- The JV, Premier Energies Storage Solutions Private Limited (PESSPL), will build a semi‑automated BESS plant in Seetharampur, Telangana, starting with 6 GWh capacity in Phase I and expanding to 12 GWh by FY 27‑28.
- RCT Nexor Energy may receive up to 15 % of the JV’s equity in four milestone‑linked tranches, with an optional additional 5 % subscription for cash after Phase I; no immediate share issue or dilution for Premier Energies shareholders is planned.
- The PESSPL board will have three directors – two nominated by Premier Battery Technologies Private Limited (PBTPL) and one by RCT Nexor Energy – with no director nominations on the listed company’s board.
- The transaction is classified as arm’s‑length, not a related‑party deal, and complies with Regulation 30 of SEBI (LODR) 2015 and the relevant SEBI Master Circular.
The formal execution of the Share Allotment cum Shareholders Agreement (SHA) for the BESS JV (PESSPL) transitions the partnership from an initial term sheet into a definitive operational agreement. Importantly, the agreement avoids immediate share issuance or equity dilution for listed Premier Energies Limited shareholders, as RCT Nexor's equity (up to 15% plus an optional 5% cash subscription) is granted at the JV level in milestone-linked tranches. This reinforces execution certainty for Premier's expansion into utility-scale energy storage without imposing share dilution on parent equity.
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