Indian solar module manufacturer Solex Energy has announced its plans to invest approximately $1 billion by 2030 to expand its current production capacities and enter solar cell manufacturing. The company is in discussions with various investors, including international green funds, private equity firms, and Indian lenders, to secure an immediate raise of 12-15 billion rupees ($140-180 million) through both debt and equity, according to Director Vipul Shah.
Currently, Solex has an annual solar module production capacity of 700 megawatts (MW) and aims to increase this to 1.5 gigawatts (GW) by the end of the year, with plans to further expand to 2.5 GW by 2026. Additionally, the company intends to establish at least 1 GW of solar cell manufacturing by mid-2027, which it plans to grow to 2 GW, requiring a total investment of 10-12 billion rupees ($125-140 million), Shah added.
Solex, currently listed on the NSE’s small and medium-sized enterprises (SME) platform, aims to move to the NSE’s main board by year-end. This transition would provide more liquidity and open up investment opportunities from foreign institutions, Shah noted.
As the Indian government promotes domestic manufacturing, more Indian companies are ramping up their solar module production and venturing into solar cell manufacturing.
