India's Solex Energy looks to invest $1 bln by 2030 to expand manufacturing

Solex Energy

30/09/2024 11:32

NEW DELHI, Sept 30 (Reuters) - Indian solar module maker
Solex Energy  SOEX.NS  said on Monday that it aims to invest
about $1 billion by 2030 to expand its existing capacities and
venture into solar cell making.
    The company is in talks with multiple investors including
international green funds, private equity firms and Indian
lenders to raise at least 12-15 billion rupees ($140-180
million) immediately via both debt and equity, said Vipul Shah,
a director at Solex.
    Solex, which has an annual solar module making capability of
700 megawatts (MW), will expand this to 1.5 gigawatts by the end
of the year and is looking to add a further 2.5 GW of module
capacity by the end of 2026.
    The company is looking to have at least 1 GW of annual solar
cell manufacturing in place by mid-2027, which it aims to expand
to 2GW with a total investment of 10-12 billion rupees ($125-140
million), Shah said. 
    The company, which is listed on the NSE exchange's small and
medium-sized enterprises platform, is eyeing listing on NSE's
main board by the year-end, Shah said.
    Mainboard listing will help the company with more liquidity
options, including investment opportunities from foreign
institutions, Shah added.
    An increasing number of Indian companies are looking to
boost their solar module capacity and venture into cell
production as the Indian government pushes for more domestic
manufacturing. 
    The government wants to add 500 GW of clean energy capacity
by 2030 to reduce carbon emissions.

 (Reporting by Sethuraman NR; Editing by Kevin Liffey)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))