Solarworld and Rays Power’s proposed cell facility will be developed through a 50:50 joint venture
Construction on site in Madhya Pradesh’s Narmadapuram is already underway
Solarworld said it plans to redirect unused IPO funds toward the new facility
Solarworld Energy Solutions and Rays Power Infra Limited have announced plans to form a joint venture (JV) to develop a 2.4 GW solar PV cell manufacturing facility in Madhya Pradesh.
Solarworld’s board recently approved the execution of a Securities Subscription Agreement (SSA) and Joint Venture Agreement (JVA) with Rays Power Infra and Rays Green Energy Manufacturing.
Under the arrangement, Solarworld will acquire a 50% stake in Rays Green, with Rays Power holding the remaining 50%. The JV will develop, construct, commission, and operate the cell manufacturing facility at Mohasa, Babai, in Narmadapuram district. The Madhya Pradesh Industrial Development Corporation allocated the land for this facility to Rays Green in February 2025.
The project will span about 41.3 acres and will manufacture n-type TOPCon G12R solar cells. Construction has already commenced on site. While building construction is expected to be completed by January 2027, plant and machinery will be installed and commissioned by May 2027.
Both parties target a June 2027 commercial production date for the 2.4 GW factory.
The project is estimated to cost close to INR 1,000 crore, translating into a capital cost of around INR 417 crore per GW. The agreements provide for a combined financial commitment of up to INR 520 crore from the two partners.
Solarworld will subscribe for equity in Rays Green for up to INR 100 crore and also extend a loan of up to INR 320 crore to the JV to fund part of the project cost.
Solarworld also plans to redirect INR 420 crore of unutilized IPO proceeds toward the new project. The company had originally earmarked the amount to part-finance a 1.2 GW TOPCon solar cell manufacturing facility through its subsidiary Kartik Solarworld at Pandhurana, Madhya Pradesh.
As of June 30, 2026, Solarworld says it has not used any of the INR 420 crore allocated for the Pandhurana project. Solarworld now proposes using the full amount to invest in Rays Green and the new 2.4 GW facility. The change in the use of IPO proceeds is subject to shareholder approval.
The project is also eligible for electricity at a subsidized tariff of around INR 4.30/W, the partners said. Narmadapuram is set to become home to several other solar manufacturing projects, including Cosmic Power’s planned 1.10 GW cell manufacturing plant, Insolation Energy’s 4.5 GW cell factory, and GREW Solar’s 8 GW solar ingot and wafer manufacturing facility and 3 GW cell unit (see GREW Solar Plans 8 GW Wafer Plant In Madhya Pradesh).
In 2024, Chinese solar PV manufacturer ZNSHINE SOLAR picked Solarworld Energy Solutions as its JV partner for its maiden solar production facility in India with 1 GW capacity (see Chinese PV Manufacturer Announces Indian Joint Venture).
