Solex Energy, located in Surat, has announced to the exchanges that it has entered into a Memorandum of Understanding with the Gujarat Government for substantial investments in renewable energy within the state.

These included setting up production plants for solar cell production and BESS production.

The Company intends to create a 5 GW Solar Cell Manufacturing Facility in two stages — Stage I: 2 GW and Stage II: 3 GW.

The company headed by Chetan Shah additionally plans to establish a 10 GW Battery Energy Storage System (BESS) production facility. The overall projected expense for the project, encompassing land and construction, is roughly Rs. 40 billion.

Solex Energy has been undergoing a major expansion initiative, during which, in addition to investing in growth, it has formed crucial partnerships, such as with ISC Konstanz Germany, to expedite cell development, next-generation rear contact technology, and beyond.

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Currently possessing a module capacity of 10 GW, the company has revealed intentions to reach 10 GW by 2030, with a solar cell line of 2.2 GW expected to be operational by 2027. This has also turned into a requirement following the implementation of ALMM 2 for solar cells this June.

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The firm also aims to produce a minimum of 2 GW of ingots and wafers over time.

Solex Energy emphasizes the rapid adaptation of solar manufacturing companies in India to a shifting policy landscape, as module producers are pushed toward backward integration by various incentives and regulations.

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The transition to BESS is a rather unusual occurrence in this area, as there are no prominent local inverter companies, creating space for module manufacturers to enter and capitalize on the growth potential present here.