Skymax Infrapower Limited has signed a Memorandum of Understanding (MoU) with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Government of Odisha, to develop a large-scale solar module and solar cell manufacturing facility in Bhubaneswar.
Under the agreement, Skymax Infrapower has proposed an investment of approximately ₹5,000 crore for the planned manufacturing project. The facility is expected to create around 3,500 employment opportunities, supporting the state’s efforts to expand its renewable energy manufacturing ecosystem and attract large-scale industrial investments.
The MoU was signed on August 7, 2026, in New Delhi by authorised representatives of IPICOL, the Government of Odisha and Skymax Infrapower. The agreement provides a framework for cooperation between the parties as they work towards establishing the proposed solar manufacturing facility.
According to the MoU, the detailed terms, conditions and implementation framework for the project will be finalised at a later stage. A nodal officer is also expected to be appointed to coordinate with the relevant stakeholders and facilitate the timely execution of the project.
IPICOL, the Odisha Government and Skymax Infrapower have agreed to work together to support the development and implementation of the proposed facility. The collaboration is expected to help streamline the necessary processes and enable the project to progress towards implementation.
The proposed investment comes as India continues to strengthen its domestic solar manufacturing capacity and reduce dependence on imported photovoltaic components. Expanding local production of solar cells and modules is a key part of the country’s broader renewable energy strategy and its efforts to build resilient clean energy supply chains.
For Odisha, the project could provide a boost to the state’s industrial and renewable energy ambitions. A large-scale solar manufacturing facility in Bhubaneswar could contribute to the development of supporting industries, create direct and indirect employment opportunities and strengthen the state’s position within India’s growing clean energy manufacturing sector.
Skymax Infrapower’s proposed ₹5,000 crore investment also highlights the increasing interest in establishing integrated solar manufacturing capabilities in India. As demand for solar power continues to rise, manufacturers are expanding production capacity to meet the country’s ambitious renewable energy goals.
The project will now move into the next stages of planning, with Skymax Infrapower and the Odisha Government expected to work on the detailed implementation requirements and associated approvals. Further details regarding the project’s manufacturing capacity, technology, construction schedule and investment structure are expected to emerge as the development progresses.
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