IREDA has sanctioned INR 11.34 billion loan for Insolation Energy’s 4.5 GW solar cell factory
This cell fab at Narmadapuram will cost INR 15.12 billion, to be funded partly by internal accruals
Insolation plans full solar value chain integration, going beyond modules & cells to wafers and aluminum frames
The Indian Renewable Energy Development Agency (IREDA) has approved INR 11.34 billion ($129 million) loan for Jaipur-based Insolation Energy Limited’s planned 4.5 GW solar cell manufacturing factory in Madhya Pradesh.
To be executed by the company’s wholly-owned subsidiary, Insolation Green Energy Private Limited, the factory will be located in Narmadapuram. It will be built for a total investment worth INR 15.12 billion ($171 million), out of which INR 3.78 billion ($43 million) will come from the company’s internal accruals.
“The company is progressing as per the plans of backward and forward integration of the entire solar energy value chain. The Solar Cell manufacturing facility will be a step in this backward integration Journey,” stated the management.
The group plans a total manufacturing capacity of 7 GW for solar modules, 4.5 GW for cells, and 18,000 MTA of aluminum frame production over the next 2 years. In August 2025, Insolation performed a formal groundbreaking ceremony on site in Narmadapuram for the 4.5 GW cell and 18,000 MT aluminum factory. Its current operational solar PV module manufacturing capacity stands at 5.5 GW across 3 fabs. Insolation also has a presence in the EPC space.
In December 2024, the company revealed plans for a manufacturing unit with 4 GW of solar modules, 3 GW cells, and 24,000 MT of aluminum frame manufacturing capacity on 45 acres of government land in Madhya Pradesh Zone for Power and Renewable Energy Equipment in Narmadapuram (see Insolation Green Energy Announces 7 GW Solar Cell & Module Production Plans).
Ahead of the Indian government’s plans to bring in an Approved List of Models and Manufacturers (ALMM) List-III for solar wafers by June 1, 2028, Insolation has proposed plans for 3 GW of ingot and wafer manufacturing by 2028, along with exploring the battery energy storage system (BESS) space (see India’s MNRE Proposes ALMM List-III For Solar Wafers).