Websol Energy System Limited is upgrading one of its existing 600 MW Mono PERC solar cell manufacturing lines into a 750 MW Tunnel Oxide Passivated Contact (TOPCon) production line at its Falta facility in West Bengal. The ₹270 crore brownfield expansion is targeted for commercialisation by March 2027 and is expected to increase the company’s total solar cell manufacturing capacity from 1.2 GW to 1.35 GW.
During its Q2 FY2027 earnings call held on 5 November, Sohan Lal Agarwal, Chairman and Managing Director of Websol Energy System, said the company was progressing with the technology transition as part of its manufacturing expansion strategy.
The upgraded production portfolio will comprise 600 MW of Mono PERC capacity and 750 MW of TOPCon capacity, while the company’s existing solar module manufacturing capacity stands at 550 MW.
Equipment Procurement and Installation Underway
Providing an update on the implementation, Sanjana Khaitan, Executive Director of Websol, said the equipment list for the TOPCon conversion had been finalised, advance payments made and orders placed. Most of the equipment had already been shipped and was on its way to the manufacturing facility.
The company is currently completing civil works and preparing utility infrastructure to accommodate the incoming machinery. Khaitan reaffirmed the March 2027 commercialisation target, indicating that the project remains on schedule.
The technology transition is also expected to improve product realisation. Amrit Daga, Chief Financial Officer of Websol, said TOPCon cells currently command a higher price than Mono PERC cells. Based on prevailing market indications, the price difference could be approximately one US cent, although the actual premium remains subject to market conditions.
₹270 Crore Upgrade to Be Funded Primarily Through Internal Accruals
Websol estimates the ongoing TOPCon conversion will require approximately ₹270 crore in capital expenditure. Khaitan said the company is prepared to finance the project through internal accruals, although it may consider some additional leverage. She added that the company does not anticipate funding-related delays, as substantial equipment payments have already been made.
The company had repaid its Indian Renewable Energy Development Agency (IREDA) debt in August 2026, strengthening its financial position and providing greater flexibility for expansion.
Plans 4 GW Integrated TOPCon Manufacturing Facility
Alongside the ongoing brownfield upgrade, Websol is preparing a 4 GW integrated solar cell manufacturing facility at Falta Industrial Park in West Bengal. The greenfield project will be developed in two phases of 2 GW each on 54.20 acres of allotted land.
The first 2 GW phase is estimated to require an investment of approximately ₹1,350 crore. According to management, around 30% of the project funding is expected to come from equity and 70% from debt, although internal cash generation could provide additional flexibility. Land development is underway, with construction-related civil work expected to commence in January 2027. The company is targeting trial runs by the third quarter of FY2027-28.
Websol is also evaluating backward integration into ingot and wafer manufacturing, with further investment decisions dependent on clarity regarding the implementation timeline of the ALMM List-III requirements.
Through the ongoing TOPCon conversion and proposed greenfield expansion, Websol is seeking to increase its manufacturing scale while transitioning towards higher-efficiency solar cell technologies.
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