Solarworld Energy Solutions Limited and Rays Power Infra Limited have announced a 50:50 joint venture (JV) to set up a 2.4 GW solar cell manufacturing facility in Mohasa-Babai, Narmadapuram, Madhya Pradesh. The facility will span around 41.30 acres and will manufacture high-efficiency N-Type TOPCon G12R solar cells.
The joint venture will provide backward integration from solar cells to modules and utility-scale projects. Rays Green Energy Manufacturing Private Limited is engaged in the manufacturing, designing, development, trading, import, export, assembly, operation and maintenance of renewable energy products.
Furthermore, Solarworld Energy Solutions will acquire a 50 per cent stake in Rays Green by subscribing to 12,600 equity shares. The company will invest up to Rs 1 billion, including an initial subscription of Rs 268.2 million. The investment aims to establish a backward-integration platform for solar cell manufacturing, secure long-term cell supplies, reduce dependence on third-party suppliers, and support the company’s existing solar EPC and module manufacturing operations.
