New Solar Facility JV
Solarworld and Rays Power Partner for 2.4 GW Solar Facility in Madhya Pradesh
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Key Points
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Rays Green Energy Manufacturing reported turnover of ₹437.63 crore in FY26, up from ₹166.75 crore in FY25 and nil in FY24.
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The facility is intended to manufacture n-type TOPCon G12R solar cells, and construction is already underway on land allotted by Madhya Pradesh’s industrial development body.
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Solarworld’s initial equity subscription is ₹26.82 crore for 12,600 shares issued at ₹21,287 per share; the proposed ₹320 crore loan is to be disbursed in one or more tranches, with definitive loan documentation still pending.
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The project is expected to benefit from subsidised electricity tariffs of approximately ₹4.30 per unit under a government scheme.
Solarworld Energy Solutions has teamed up with Rays Power Infra to build a massive solar cell factory in India. The two companies will split ownership 50-50 in a joint venture called Rays Green Energy Manufacturing. The plant will produce 2.4 gigawatts of advanced solar cells starting June 2027, according to PV Tech.
The facility will cost roughly ₹1,000 crore (about $120 million USD) and sit on 41.3 acres in Madhya Pradesh. Solarworld plans to invest up to ₹420 crore, while Rays Power contributes up to ₹100 crore. Construction has already begun on land approved by the state's industrial development authority, BioEnergy Times reported.
Why This Plant Uses Next-Generation Solar Cell Technology
The plant will manufacture n-type TOPCon cells, which are more efficient than older solar cell designs. TOPCon cells can convert more sunlight into electricity. This advanced technology helps India build a stronger domestic solar supply chain and reduces dependence on imports, according to Energetica India.
How Solarworld is Funding the Project
Solarworld's contribution includes ₹100 crore in direct ownership stakes and ₹320 crore in loans. The company plans to redirect ₹420 crore in leftover IPO money from a smaller 1.2 GW plant project at Pandhurana. This fund shift still needs shareholder approval, PV Tech noted.
Rays Green Energy Manufacturing is already growing rapidly. The company posted ₹437.63 crore in sales in the past fiscal year, up from ₹166.75 crore the year before and zero just two years ago. The loan paperwork is still being finalized, but Solarworld has already committed ₹26.82 crore for initial equity stakes.
Government Support Cuts Operating Costs Sharply
The Madhya Pradesh government is backing the project with a major perk: subsidized electricity at roughly ₹4.30 per unit. This cost advantage is crucial for solar cell makers competing globally. It helps Rays Green Energy keep prices competitive while still making profits, Power Peak Digest reported.
What This Means for India's Solar Industry
This joint venture is a major win for India's push to manufacture solar cells domestically. The 2.4 GW plant will make India less reliant on Chinese cell imports and create jobs in Madhya Pradesh. With both partners investing heavily and the government offering incentives, the project signals strong confidence in India's solar future.
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