Indian solar module manufacturer Solex Energy has announced its intention to invest approximately $1 billion by 2030 to enhance its existing production capacities and enter the solar cell manufacturing market.
The company is currently in discussions with various investors, including international green funds, private equity firms, and Indian lenders, aiming to raise at least 12-15 billion rupees ($140-180 million) through a combination of debt and equity financing.
Solex currently has an annual solar module production capacity of 700 megawatts (MW), which it plans to expand to 1.5 gigawatts (GW) by the end of the year. Additionally, the company intends to add another 2.5 GW of module capacity by the end of 2026.
Vipul Shah, a director at Solex, stated that the company aims to establish at least 1 GW of annual solar cell manufacturing by mid-2027, with plans to expand this capacity to 2 GW, requiring a total investment of 10-12 billion rupees ($125-140 million).
As part of its growth strategy, Solex Energy is also considering a listing on the main board of the National Stock Exchange (NSE) by the end of the year. Shah noted that this move would provide the company with increased liquidity options and access to investment from foreign institutions.
The push for expansion comes as Indian companies increasingly focus on boosting solar module production and entering the solar cell manufacturing sector, in response to government initiatives aimed at enhancing domestic manufacturing capabilities.
