India, Gujarat: Solex Energy has revealed plans to invest close to $420 M (₹4,000 crore) in Gujarat to build a large renewable energy manufacturing base, marking a major step in expanding its clean energy operations. The investment will support the development of a 5 GW solar cell manufacturing facility alongside a 10 GW battery energy storage system (BESS), strengthening India’s domestic capabilities in both solar production and energy storage.
The solar cell facility will be rolled out in two stages. The first phase will see 2 GW of capacity installed, followed by an additional 3 GW in the second phase, bringing the total to 5 GW. This phased development is designed to help the company grow steadily while keeping pace with rising demand in India’s fast-growing solar market.
The announcement comes after Solex Energy signed a Memorandum of Understanding with the Government of Gujarat, further confirming the state’s role as a key destination for renewable energy investment. Gujarat continues to attract clean technology projects thanks to its strong industrial base, supportive policies and access to port infrastructure.
For Solex Energy, the project marks a move beyond its current solar solutions business, allowing it to expand further into the solar value chain. By entering solar cell manufacturing, a crucial part of module production, the company aims to benefit from India’s push for greater self-reliance in clean energy.
The addition of a large BESS project also reflects the growing need for storage solutions to support grid stability and enable continuous renewable power supply.
Source: Solar Quarter
