Solarworld Energy Solutions Limited has entered into a joint venture with Rays Power Infra Private Limited to establish a 2.4 GW solar photovoltaic cell manufacturing facility at Mohasa, Narmadapuram, Madhya Pradesh. Solarworld Energy Solutions will hold a 50 per cent stake in the joint venture entity, Rays Green Energy Manufacturing Private Limited, while Rays Power Infra will hold the remaining 50 per cent. The company’s board of directors approved the transaction at its meeting held on September 7, 2026.
Manufacturing facility
The facility will be established on approximately 41.30 acres of land allocated by the Madhya Pradesh Industrial Development Corporation, with construction already underway. The project will manufacture n-type TOPCon G12R cells, with commercial production expected to commence by June 2027.
The estimated project cost for the 2.4 GW facility is approximately Rs 1,000 crore, translating into a capital cost of about Rs 417 crore per GW. Solarworld Energy Solutions will invest up to Rs 100 crore in equity and extend a loan of up to Rs 320 crore to Rays Green Energy Manufacturing Private Limited to fund the project.
IPO proceeds
Separately, the board approved a variation in the utilisation of the company’s initial public offering proceeds. Solarworld Energy Solutions had raised Rs 550 crore through its IPO in September 2025, of which Rs 420 crore was originally earmarked for investment in its subsidiary, Kartik Solarworld Private Limited, for setting up a 1.2 GW facility at Pandhurana.
As of June 30, 2026, no amount had been deployed towards the Pandhurana project. The company now proposes to redirect the unutilised funds towards the new 2.4 GW joint venture facility.
Project advantages
The new facility is expected to offer improved capital efficiency and economies of scale, while benefiting from its location within a solar manufacturing cluster with established trunk infrastructure. Rays Green Energy Manufacturing Private Limited has already obtained consent to establish from the Madhya Pradesh Pollution Control Board.
The joint venture is also eligible for electricity at a subsidised tariff of approximately Rs 4.30 per unit under the applicable government scheme.
The joint venture will be governed by a securities subscription agreement and a joint venture agreement that provide for equal governance rights. These include nominee director appointments, affirmative voting rights, and pre-emptive rights on future issuances.
The featured photograph is for representation only.
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