Solex Energy, an Indian company, plans to invest $1 billion by 2030 in order to expand its manufacturing

Solex Energy, a solar module manufacturer in India, announced on Monday its intention to invest $1 billion to expand their existing capacity and enter the solar cell manufacturing business by 2030.

Vipul Shah, director of Solex, stated that the company has been in discussions with multiple investors, including international green funds and private equity firms, to raise as much as 12-15 billion rupees (140-180 millions dollars) via debt and equity.

Solex will increase its annual module production capacity from 700 megawatts to 1.5 gigawatts before the end this year. It also plans to add 2.5 GW more module capacity by 2026.

Shah stated that the company aims to reach a minimum of 1 GW in annual solar cell production by mid-2027. It then aims to increase this to 2GW, with an investment total of 10-12 billion rupees (125-140 millions).

Shah stated that the company, which has been listed on NSE's platform for small and medium-sized businesses, aims to be listed on NSE main board before the end of the year.

Shah said that the mainboard listing would give the company more options for liquidity, including foreign investment opportunities.

As the Indian government encourages more domestic manufacturing, an increasing number of Indian firms are seeking to increase their solar module production and expand into cell production.

The government is looking to increase clean energy capacity to 500 GW by 2030 in order to reduce carbon dioxide emissions. Sethuraman N.R., Kevin Liffey (Editing)

(source: Reuters)