Solex Energy (SOEX.NS), one of India’s leading solar module manufacturers, will invest $1.5 billion over the next five years to expand its production capacity and strengthen exports to the United States, Managing Director Chetan Shah told Reuters.
Currently operating a 4 GW module facility in Gujarat, Solex plans to scale up to 10 GW of modules, 10 GW of solar cells, and 2 GW of ingot and wafer production — creating a vertically integrated, non-Chinese supply chain.
The company is close to securing 5 billion rupees ($56.9 million) in institutional funding for its next growth phase. While U.S. tariffs of up to 50% on solar panel imports from India pose challenges, Solex aims to offset them through localized cell, wafer, and ingot manufacturing.
Solex also announced a strategic partnership with Germany’s ISC Konstanz for R&D and technology collaboration in solar cell production — part of its strategy to diversify technical dependencies beyond China.