Indian renewable energy enterprise Solarworld Energy has entered into a partnership with domestic solar enterprise Rays Power, with each party holding a 50% stake, to jointly establish Rays Green. The company plans to build a 2.4GW TOPCon PV cell plant in Mohasa, Narmadapuram district, Madhya Pradesh, India.
The project covers an area of approximately 250.7 mu, with a total investment of 10 billion rupees, equivalent to approximately 704 million yuan. The project's funding sources have been adjusted, as Solarworld Energy intends to redirect the funds originally raised for its subsidiary Kartik Solarworld's 1.2GW TOPCon cell project to this new 2.4GW cell plant.
According to available information, as early as September 25, 2025, Solarworld Energy disclosed its prospectus, planning to invest 4.2 billion rupees of raised funds in the 1.2GW TOPCon cell project in Pandhurna, Madhya Pradesh, with a total estimated project investment of 5.753 billion rupees. Following the implementation of this capacity expansion, India's domestic TOPCon cell capacity will be further enhanced, supporting the country's strategy of localizing PV manufacturing and reducing dependence on upstream cell imports.
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