NEW DELHI (Reuters) – Indian solar module maker Solex Energy said on Monday that it aims to invest about $1 billion by 2030 to expand its existing capacities and venture into solar cell making.
The company is in talks with multiple investors including international green funds, private equity firms and Indian lenders to raise at least 12-15 billion rupees ($140-180 million) immediately via both debt and equity, said Vipul Shah, a director at Solex.
Solex, which has an annual solar module making capability of 700 megawatts (MW), will expand this to 1.5 gigawatts by the end of the year and is looking to add a further 2.5 GW of module capacity by the end of 2026.
The company is looking to have at least 1 GW of annual solar cell manufacturing in place by mid-2027, which it aims to expand to 2GW with a total investment of 10-12 billion rupees ($125-140 million), Shah said.
The company, which is listed on the NSE exchange’s small and medium-sized enterprises platform, is eyeing listing on NSE’s main board by the year-end, Shah said.
Mainboard listing will help the company with more liquidity options, including investment opportunities from foreign institutions, Shah added.
An increasing number of Indian companies are looking to boost their solar module capacity and venture into cell production as the Indian government pushes for more domestic manufacturing.
The government wants to add 500 GW of clean energy capacity by 2030 to reduce carbon emissions.
(Reporting by Sethuraman NR; Editing by Kevin Liffey)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.