Solarworld Energy Solutions and Rays Power Infra have formed a 50:50 joint venture to establish a 2.4 GW solar cell manufacturing facility in Madhya Pradesh, India.
The facility will be developed through Rays Green Energy Manufacturing, with Solarworld and Rays Power each holding a 50% stake. The companies recently executed a Securities Subscription Agreement and Joint Venture Agreement with Rays Green Energy Manufacturing.
The facility will be built on a 41.30-acre site at Mohasa-Babai in Narmadapuram district. It will manufacture n-type TOPCon G12R solar cells, with commercial production targeted for June 2027.
Solarworld said the project will provide a backward-integration platform for solar cell manufacturing and help strengthen its solar value chain. The company said the facility is intended to secure long-term cell supplies, reduce reliance on third-party suppliers and complement its existing solar engineering, procurement and construction (EPC) and module manufacturing operations.
The estimated project cost is INR 1,000 crore.
Solarworld said the aggregate financial commitment under the agreements is up to INR 520 crore. This includes up to INR 200 crore in equity subscription in Rays Green, with Solarworld and Rays Power each contributing up to INR 100 crore, and a loan of up to INR 320 crore to be extended by Solarworld to Rays Green for funding of the project.
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