Solex Energy plans USD 1.5 bn investment to scale up solar module, cell capabilities

New Delhi, Oct 29 (PTI) Solex Energy is planning to invest USD 1.5 billion (Rs 13,500 crore) by 2030 to scale its solar module and cell manufacturing capacities, the company's CMD Chetan Shah said on Wednesday.

The investment will boost the company's module manufacturing capacity to 10 gigawatt (GW), and help it to set up 10 GW cell and 2 GW of ingot and wafer facilities in Gujarat, he said in an interaction in the national capital.

The upcoming lines will manufacture advanced renewable products, he said, adding that in this regard, Solex Energy has signed a memorandum of understanding (MoU) with Germany-based ISC Konstanz for using its advanced R&D and technological expertise in solar cell manufacturing.

On the capex for FY26, Shah said Solex Energy is investing Rs 400 crore this fiscal in module and Rs 600 crore for cell capabilities.

There will be no investment to scale the module capacity in FY27, but to build cell capacity, the company will spend Rs 500 crore, he added.

The company looks to add 2.5 GW module capacity to its existing 4 GW by June 2026.

By March 2027, the plan is to have 2.2 cell manufacturing capacity. It will start production of ingots and wafers by 2028.

Speaking on the MoU, he said, "This partnership marks a defining chapter in Solex’s journey toward technological excellence and global leadership. We are committed to transforming India into a hub of solar innovation with a USD 1.5 billion investment, and 25,000 highly skilled team members (employees) driving that vision forward".

The focus is not just on scaling capacity, but on delivering value through efficiency, reliability, and performance, as the company looks to expand its domestic and global presence.

Kopecek, Radovan, Head of Department Strategy and Education, ISC Konstanz, said, "Our partnership with Solex Energy brings us closer to realising that vision and advancing a successful global energy transition". PTI ABI ABI BAL BAL