Surat based Solex energy has signed an agreement with the Gujarat government to invest ₹4,000 crore in the state. The company plans to set up a 5 GW solar cell maunufacturing plant and a 10 GW battery energy storage system (BESS) manufacturing facility.
Solex Energy has informed the exchanges that it has signed an MoU with the Gujarat Government for significant renewable energy investments in the state. These involved establishing manufacturing facilities for Solar cell manufactuiring and BESS manufacturing.
The Company proposes to establish a 5 GW Solar Cell Manufacturing Plant in two phases — Phase I: 2 GW and Phase II: 3 GW.
The Chetan Shah led company also proposes to set up a 10 GW Battery Energy Storage System (BESS) manufacturing facility. The total estimated project cost, including land and building, is approximately ₹4,000 Crore.
Solex Energy has been on a significant expandion drive, where, besides comitting investments for expansion, it has also entered into key partnerships, like with ISC Konstanz Germany, to accelerate cell development and next generation rear contact technology and more. With an existing module capacity of 10 GW, the firm has announced plans to take it to 10 GW by 2030, with the solar cell line for 2.2 GW set to come up by 2027. This has also become a necessity after the ALMM 2 for solar cells kicks in this year from June.
The company also hopes to make at least 2 GW of ingotys and wafers in due course.
Solex Energy highlights just how quickly solar manufacturing firms in India hgave had to adapt to a changing policy environment, with module makers driven towards backward integration by a mix of incentives and policy.
The move into BESS is a relatively unique phenomenon here, as there are no strong domestic inverter firms, leaving the market open for module manufacturing firms to move in and take advantage of the growth opportunities here.
Solex Energy’s move into battery storage shows how solar companies in India are expanding into new areas. Since there are not many strong local players in this segment, it gives companies like Solex a good chance to grow and take advantage of the rising demand for energy storage.
Electrify your feed! Click here to join our Whatsapp group and to get the latest updates, expert insights, and innovations driving India’s energy storage revolution.
