Solarworld Energy Solutions Limited and Rays Power Infra Limited have formed a 50:50 joint venture (JV) to establish a 2.4 GW solar cell manufacturing facility at Mohasa-Babai in Narmadapuram, Madhya Pradesh. The proposed facility will cover approximately 41.30 acres and manufacture high-efficiency N-Type TOPCon G12R solar cells, strengthening India’s domestic solar manufacturing capabilities.
JV to Strengthen Solar Manufacturing Integration
The new joint venture will create a backward-integrated solar manufacturing platform, connecting solar cell production with module manufacturing and utility-scale solar projects. The facility is expected to support a more integrated supply chain while helping the partners strengthen their presence across different stages of the solar energy value chain. The JV will operate through Rays Green Energy Manufacturing Private Limited, which focuses on the manufacturing, design, development, trading, import, export, assembly, operation and maintenance of renewable energy products.
Solarworld to Invest Up to ₹100 Crore
Solarworld Energy Solutions will acquire a 50% stake in Rays Green Energy Manufacturing Private Limited. The company plans to invest up to ₹100 crore in the venture, including an initial investment of ₹26.82 crore. The investment will support the development of the proposed solar cell manufacturing facility and establish a stronger domestic supply chain for solar components.
Focus on Cell Supply and Solar EPC Growth
The investment will enable Solarworld Energy Solutions to strengthen its backward integration strategy and secure long-term supplies of solar cells. At the same time, the company aims to reduce its dependence on third-party cell suppliers. This approach can provide greater control over supply, production planning and project execution. Furthermore, the new manufacturing platform will support Solarworld’s existing solar EPC and module manufacturing operations, creating greater integration between cell production, module manufacturing and utility-scale solar project development. As reported by renewablewatch.in, through the JV, Solarworld Energy Solutions and Rays Power Infra aim to build a more integrated solar manufacturing ecosystem while supporting the continued expansion of India’s renewable energy and domestic solar manufacturing sector.
