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Solarworld Energy, a PV module manufacturer and EPC firm, has formed a joint venture with Rays Power Infra, an EPC company and solar developer, to build a 2.4GW solar PV cell manufacturing facility in Madhya Pradesh, India, as reported by PV Tech. The venture, named Rays Green Energy Manufacturing, will be equally owned by both partners and involves an expected investment of INR5.2 billion (US$55 million). The facility will be located on a 41.3-acre site in Mohasa, Babai, Narmadapuram district, and will focus on producing and selling solar PV cells along with related activities. Rays Green is currently developing the 2.4GW TOPCon cell project at this site, with commercial production targeted for June 2027.
Solarworld Energy had earlier considered investing in its subsidiary Kartik Solarworld to part-finance a 1.2GW TOPCon facility at Pandhurana, Madhya Pradesh, but chose instead to invest in Rays Green for the larger 2.4GW project, subject to compliance with India’s Companies Act, 2013, and SEBI regulations. Rays Green, incorporated in 2022, is involved in manufacturing, design, development, trading, import, export, assembly, and maintenance of renewable energy products, and reported a turnover of INR4.36 billion (US$46 million) in FY2025-26.
Solarworld Energy, headquartered in Noida, Uttar Pradesh, has completed over 500MW of solar capacity and has an active pipeline exceeding 900MW, targeting 5GW of operational capacity by 2028. The company also operates a solar module manufacturing facility in Roorkee, Uttarakhand, with an annual production capacity of 1.8GW.
Interactive table based on the Store Companies dataset for this report.
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Major integrated solar manufacturer
India's largest solar module manufacturer
Part of Adani Group, integrated manufacturing
Leading manufacturer, part of Tata Group
Major PV module and cell producer
Historical leader in solar manufacturing
Makes solar cells, modules, encapsulants
Module and cell manufacturer
Solar PV module manufacturer
Solar panel manufacturer and distributor
Manufactures solar modules and inverters
Solar panel manufacturer
Solar panel manufacturer
Solar panel manufacturer
Solar cell and module manufacturer
Major LED lighting products manufacturer
Leading electrical goods co, major LED player
Major manufacturer of LED lights and fixtures
Major player in LED lighting segment
LED lighting manufacturer
Manufactures LED displays and lighting
Indian subsidiary, major LED mfg in India
Manufactures LED lights and fixtures
Major Indian electrical brand, produces LEDs
LED lighting products manufacturer
Manufactures LED bulbs and lighting
Major player in consumer LED lighting
Leading LED lighting solutions provider
Manufactures LED lights under Finolex brand
Wires & cables major, also manufactures LEDs
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