Solarworld Energy Solutions and Rays Power Infra have formed a 50:50 joint venture to set up a 2.4 GW solar cell manufacturing facility in the Indian state of Madhya Pradesh.
The facility will be developed through Rays Green Energy Manufacturing, in which Solarworld and Rays Power will each hold a 50% stake. The companies recently signed a securities subscription agreement and joint venture agreement with Rays Green Energy Manufacturing.
The factory will be built on a 41.3-acre site at Mohasa-Babai in Narmadapuram district. It will produce n-type TOPCon G12R solar cells, with commercial production scheduled to start in June 2027.
Solarworld said the project will provide a backward-integration platform for solar cell manufacturing and strengthen its solar value chain. It said the facility will help 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 project is expected to cost INR 10 billion ($105.5 million).
Solarworld said the aggregate financial commitment under the agreements is up to INR 5.2 billion ($54.9 million). This includes an equity investment of up to INR 2 billion ($21.1 million) in Rays Green Energy Manufacturing, with Solarworld and Rays Power each contributing up to INR 1 billion ($10.5 million). Solarworld will also provide Rays Green Energy Manufacturing with a loan of up to INR 3.2 billion ($33.8 million) to finance the project.
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