Key Takeaways
JAKSON plans to establish 5 GW each of ingot, wafer, cell, and module capacity, with its first 3 GW cell line expected by 2027
The company sees TOPCon as the dominant technology through the end of the decade while closely tracking BC and other emerging technologies
JAKSON believes India’s domestic manufacturing push, ALMM mandates, and rising renewable demand will accelerate solar supply chain localization
As India accelerates its push toward energy independence and domestic solar manufacturing, JAKSON Solar is expanding beyond its EPC and project development roots to build a fully integrated solar manufacturing platform.
The TaiyangNews team visited various Indian solar companies that are shaping the country’s manufacturing landscape as part of the TaiyangNews Roadshow. In this interview with TaiyangNews Managing Director Michael Schmela, JAKSON Solar CEO Gagan Chanana, and Head of Business Development Vaibhav Singhal, discuss the company’s journey from EPC to manufacturing, its plans for cells, ingots and wafers, the challenges posed by ALMM implementation, and why they believe vertical integration, technology selection and supply chain resilience will define the next phase of growth for India’s solar industry.
TaiyangNews: JAKSON originally came from an EPC background and is now moving into manufacturing. It's often the other way around, with manufacturers starting upstream and integrating downstream. Tell us a bit about your journey and your vision for the company.
Gagan Chanana: JAKSON as a group has been focusing on energy and infrastructure. We are a company nearly 80 years old now, one of the oldest energy companies in India, having made a name for itself in certain segments, such as Powergen. We started as a diesel generating set company, and it was only about a decade and a half later, around 2010 or 2011, that we thought of diversifying into other businesses. That is how JAKSON Solar came into being. It has been nearly 16-17 years since we entered the solar industry. It started with an IPP business, of course, and then we got into manufacturing somewhere around 2017.
It's been nearly a decade of manufacturing experience in solar panels. Currently, we have a capacity of 1.2 GW. We've been thinking of expanding, and instead of just expanding module capacity, we thought of getting into upstream manufacturing and getting into the entire supply chain, a resilient supply chain where we are no longer dependent on other countries to get our material and become self-sufficient in line with the Indian policy of Make in India and becoming an energy secure country. We are announcing additional manufacturing projects, including solar cells, ingots, and wafers.
TaiyangNews: An EPC company’s strategy differs from that of a manufacturing company. On the one hand, the manufacturer wants to produce products that he can sell at high prices. On the other hand, an EPC wants products at the lowest possible cost while maintaining high quality. EPCs buy from companies that can offer large capacities and that have considerable experience. How do you manage these almost opposing views?
Gagan Chanana: At JAKSON, we took a different strategic direction. In fact, all our EPC, rooftop, and C&I businesses are quite independent of JAKSON Solar. They have to be competitive in their own business, so they can choose any vendor, including us. Similarly, we’re offering and supplying panels to other EPC companies who are our competitors from a JAKSON point of view. So, it's a unique model with no interdependence but the option to work together.
TaiyangNews: And the good thing is that you have local content, which obviously helps in India, right?
Gagan Chanana: Absolutely. We can meet stringent requirements that others may find difficult. So we can handhold each other in business.
TaiyangNews: When you decided to go into manufacturing, what was your vision for technology? How did you look at the segment, what did you choose, and what were the reasons behind it?
Gagan Chanana: On the technology side, not much is in our control. We have to look at what is being done at the global level, particularly with China as the market leader, to see what's happening there and how the market is perceiving the products' technology. For example, for the solar module, we have chosen TOPCon as the technology, while closely monitoring other technologies, such as developments in back-contact and HJT. Ultimately, it's not only the technology that survives; it's also the scalability, the demand side, the commercial viability, and, of course, the life of that technology that are considered when we choose it. It's the expected life. For example, if we talk about TOPCon, we are pretty sure that by 2030, no other technology will replace TOPCon in a meaningful way. Of course, other technologies will increase their share, but not to the extent that they can actually replace TOPCon.
So, TOPCon will be there for the next 5-6 years. Its bankability is quite high, and that’s also why we have chosen it.
TaiyangNews: Staying on the module side of things, cell is one thing, but module is another. Although people might envision modules as not technologically complicated, given that it's just sandwiching the cell, in the end, that's the product that has to last 25-30 years, and that's where you have to back both the product and the performance warranty. When you got into manufacturing, how did that work for you, and what was your experience in doing that? Decisions have to be made on which encapsulation materials to use and whether to do glass modules or glass backsheet modules. So, how was this journey for you?
Vaibhav Singhal: You would agree with me that JAKSON, by virtue of it, is a manufacturing company. As Gagan mentioned, we started our business back in the 1970s, and manufacturing has always interested us. As far as the technology is concerned, we are working closely with many Chinese and European companies. We take their help whenever required, and we have consultants on board to keep us abreast of what is happening in the world and which are the best companies globally. So, there are ratings, there are companies that are doing best. We only work with the top BOM items.
If you talk about encapsulants, glass, frames, or cells, we work with 3 or 4 of them. We have our own reliability lab, which we established 2 years ago. We bring the material in, we do the testing, and once we get the reliability on the product on the BOM material, then we finally decide on which BOM item we have to go ahead with manufacturing, scaling it up because, as you rightly mentioned, we are the ones who have to give the guarantees and warranties for 25 years, so we take care of that. We are very particular about the quality, and it comes naturally to us given our manufacturing DNA.
TaiyangNews: On the other hand, one might even argue that, although you have a manufacturing background in general, coming from an EPC or an infrastructure background might be an advantage because you've been testing the modules and looking at the quality anyway for quite some time, right?
Vaibhav Singhal: When solar started in India in 2006 or 2008, they were basically Chinese modules at that point in time. ALMM came into the picture only 3 or 4 years ago, when the Government of India started promoting Indian modules. Our IPP background dealing with some of our earlier suppliers, who are now our competitors, has helped. Our first project was IPP. They helped us choose the right BOM, which now enables us to provide the warranties we offer.
TaiyangNews: Moving on to the topic of integration, coming from downstream going further up, starting with ALMM for modules, and an ALMM for cells this year, and you're also getting into cell manufacturing. Can you just talk a bit about your thought process and your plans?
Gagan Chanana: We have decided to become a 5 GW integrated player, comprising 5 GW each of ingots, wafers, cells, and modules. So that's our plan now, which is kind of a final plan that we have made.
We have 3 GW of cell capacity planned in the first phase. We are pursuing all 3 technologies discussed in the market: PECVD, LPCVD, and PVD. We are looking at yields, efficiency, after-sales support, O&M services available for those technologies, and the companies running on those technologies globally. We have done a lot of research there. We have visited plants operating in China to see the technology firsthand and received feedback from those manufacturers.
Quite a few manufacturers have worked on more than one technology. Some start with one technology and then switch to another. We spoke to some of them to gather their experiences with such decisions and the process changes involved. We gathered all such feedback before finally deciding on which technology we ourselves should follow. We also got some pointers from and consulted with some European companies.
TaiyangNews: With regard to sourcing, on the one hand are the big Chinese equipment vendors with manufacturing prowess and low costs, and on the other hand are European companies with industry experience. There is also this discussion about diversification and resilience, depending on what happens in China and what they decide about exports. How are you looking at this, and how has it influenced your decision on the manufacturing equipment and possibly the design and engineering technology?
Vaibhav Singhal: That's a tricky question. If you talk about product resilience and quality, our first line of modern manufacturing was from Ecoprogetti. We started with the Europeans. They have a lot to learn from. At that time, in 2016-17, China was not yet well developed as a production-line supplier. Today, Chinese technology and suppliers are on par with Europeans, and, as Gagan mentioned, their O&M and service capabilities are readily available in India. We chose a Chinese partner for our module line who has been with us for many years and has demonstrated strength in the Indian manufacturing landscape as well.
Similarly, if I talk about upstream sales, there's a mix of both. We are getting people from Europe who have the advancements and the right skill set to do that. And at the same time, because IRRs and ROIs are also considered, we chose an equipment manufacturer that offers the best IRR without compromising on technology, O&M, or AMC.
Gagan Chanana: Going into it more deeply, we're not only looking at the line supplier but also at the process itself. For example, we are cherry-picking equipment by speaking separately with the suppliers of thermal, wet-processing, and printing equipment, as well as ALD and LECO, and making one supplier responsible for full integration. And it’s not a full turnkey job per se; we call it turnkey-light. With this approach, we look closely at each piece of equipment, seeing how it works and which will be supported in India in terms of after-sales support, the size of the workforce supporting us not only during the ramp-up or the commissioning stage, but also during the entire operations for the next 2 to 3 years until it is stabilized.
TaiyangNews: Talking about Indian components, while there hasn’t been much from Indian suppliers on the equipment side, a lot has happened on the process materials side, with Indian backsheet and encapsulation makers entering the market and growing quickly. How are you seeing that?
Gagan Chanana: The government is pushing us to go to the Indian vendors. We see quite a few Indian vendors have put in a lot of effort and added capacity over here. Incidentally, it hasn’t been enough to meet the country’s module manufacturing capacity. While it's not fully dependent on Indian suppliers, there is an option to source components from them.
There are quite a few government projects promoting ‘Make in India’ BOM, such as encapsulants, glass, or junction boxes. Indian manufacturers are ramping up not only capacity but also quality.
TaiyangNews: ALMM-II comes into force on June 1, 2026, which mandates the use of cells manufactured in India. Given that your own cell line will take some time to get up and running, you’ll need to buy cells from Indian vendors. There is currently an imbalance between supply and demand in domestic manufacturing, with obvious differences in quality and price. What's your thinking overall on this topic?
Gagan Chanana: You're right, we're going to be dependent on Indian suppliers for cells from June 1 this year with the enforcement of ALMM-II. But that's not the entire story. Only 30-40% of the Indian market actually depends on Indian cells. There are certain projects that have been signed off on much earlier and that have the liberty of still going in for cells, non-domestic cells, which we call the non-DCR market. So at least 60% of the market will still be dependent on non-DCR and will remain so till the end of 2027, and those projects will continue, where you can use non-DCR.
Vaibhav Singhal: In addition, all government tenders announced before August 2025 are permitted to use non-DCR cells, with a timeline of 18 to 24 months. There are many IPP projects that have yet to be commissioned. So that's the market size. There are a few PM-KUSUM projects that have allowed non-DCR modules.
There has been a recent development in the rooftop segment as well, with the government allowing the use of non-DCR modules if a project opts to forgo the subsidy. As Gaganji rightly said, about 50-60% of the market would be for non-DCR modules until 2027.
Gagan Chanana: The entire behind-the-meter segment will still remain non-DCR, and such customers won’t be forced to adopt domestic content.
TaiyangNews: But the cell is a tricky thing. At our recent conference, Peter Fath warned against underestimating the complexity of the cell. How do you feel about what to expect when you have to use some domestic cell products?
Gagan Chanana: As a module manufacturer, we sometimes feel that June 1 is too early for the government to push in this mandate. But from the government’s perspective, we think it’s the right approach for a market like India. Everybody knows that mandatory requirements are the way to push the adoption of domestic content among local module manufacturers, because it doesn't happen naturally.
But yes, Peter was right to mention the complexity involved in cell manufacturing. Currently, India's cell manufacturing capacity stands at 26-30 GW, compared with a module manufacturing capacity of 200 GW and a demand of around 60 GW. Splitting the 26-30 GW cell manufacturing further, mono-PERC accounts for 14-15 GW, and thin films another 3 GW, leaving only 10 GW for TOPCon, whereas 90% of the manufacturing in India today happens on TOPCon. I think the ramp-up to fill this gap between supply and demand could run well into next year. So we see the market stabilizing only in 2027. Indian cell manufacturers are currently facing challenges with efficiency, yield, and throughput.
Additionally, the 26-30 GW cell manufacturing capacity we’re talking about is only nameplate capacity. Actual capacity is only about 50-60% of that, meaning India can today build and deliver only 15 GW of solar cells, which is not sufficient.
TaiyangNews: Nevertheless, you also want to move into cell manufacturing, right? So, how do you see yourself doing it with all these challenges?
Gagan Chanana: Ultimately, as I mentioned, India will likely become self-sufficient by 2027. The 60% of the market that is still dependent on non-DCR cells will become DCR-compliant by 2027, with 100% of cells domestically produced. Now, whoever wishes to remain on the manufacturing side of solar must be able to produce solar cells. So I don't think we can avoid it even if we wish to.
Also, the government has recently announced ALMM-III, effective June 1, 2028, which mandates the use of made-in-India ingots and wafers. I think the timing is right. We’re trying to be ahead of the curve in announcing projects, rather than being a follower.
We have announced our 5 GW manufacturing capacity for ingots and wafers. Incidentally, the land bank we have today is sufficient to accommodate an integrated plant with 5 GW of capacity each for cells, ingots, and wafers. This makes us unique. I think a facility that integrates all in one premises is rare, even in China.
TaiyangNews: And when do you plan to be fully up and running?
Gagan Chanana: The 3 GW cell capacity as part of Phase I should be up and running by April next year. Another 2 GW of cell and 5 GW of ingot/wafer capacity will follow soon. All this capacity should be up and running by the start of 2028, in time for ALMM-III.
TaiyangNews: You mentioned there's overcapacity in the market, and it's obviously not improving. From what we’ve seen in China, this situation will lead to some consolidation in the industry. So how do you prepare for that? And how do you want to make sure that you are among those companies that are here to stay?
Gagan Chanana: We are looking at the bigger picture. When we started, our intention was to align with the government’s target of achieving 500 GW of renewable power by 2030, a major goal. Solar would account for 270-280 GW of the total. The capacity additions in India are absolutely in line with that target. But now there is a much bigger target for 2047.
And of course, the current situation in the Middle East has raised concerns about energy security. I think it will also force the government to rethink its targets and enhance them to make us more energy secure, less dependent on fossil fuel imports, and more energy independent.
The government is aggressively pushing the PM Surya Ghar Yojana, targeting rooftop solar installations on 10 million homes in India. There is also the PM-KUSUM Yojana for the agriculture sector, promoting the use of renewable power as a source and generating additional income by feeding excess electricity to the grid.
TaiyangNews: What are JAKSON's 2 USPs in this field to excel here?
Gagan Chanana: Our focus on energy and infra. As we discussed at the beginning, our EPC companies, our rooftop companies, our C&I focus, our retail focus – a couple of our companies, other than our solar company, are focusing on the business side, the market side. That's a unique position for JAKSON compared to others: while manufacturers cater to the market, we have in-house customers we can sell to beyond the market itself. I think that gives us an edge over others.
Vaibhav Singhal: Another thing I would like to add is dependability. We are an Indian company that has been in existence for the last 80 years. We started before India’s independence in 1947, and the JAKSON brand has carried a legacy. There are only a few companies, if any, that have been doing business in India for as many years as JAKSON.
Recently, we brought in Mr. Sourav Ganguly as a brand ambassador, and that's the legacy. When we talk about legacy, we’re talking about dependability. Quality is at the forefront of what we do. As Gaganji mentioned, deeper penetration in all the market segments, whether it be rooftop, retail, or B2B, B2C, or B2G. And going forward, we will focus on exports as well. Our strategies are very plain and simple: we have to be everywhere. Anywhere the customer is, we will be there. There is value in the JAKSON brand, and we have strengthened it by bringing a brand ambassador on board. We are sure this will take us places right now.
TaiyangNews: Could you also elaborate a bit on your export strategies, the markets you're targeting, and your plan for the products and services you want to offer?
Gagan Chanana: The US has been the biggest export market available to India so far. Of course, US tariffs and policy issues have impacted markets a bit over the last year, but I think it won't be long before markets open up again and business can continue as it did a couple of years ago. Certain European and African markets are favoring India as a supplier second to China. There are certain markets, such as Australia, that are opening up to India, particularly as India signs free trade agreements with specific countries.
Of course, it means that we need to have certain compliances, qualities, and certifications in place. For example, exports to the US require UL certifications. So we are in the process of developing those products and getting those certifications well in advance of an opportunity opening up. We are also working on unique products for various applications beyond plain-vanilla rooftops or ground mounts.
I would say JAKSON has always been ahead of the curve as an organization when it comes to differentiation. That has been our USP so far. While people might see it as an 80-year-old, traditional company, it is now run by 4th-generation entrepreneurs.
TaiyangNews: Very nice. As a final question, where do you see JAKSON in 5 years?
Gagan Chanana: We have big plans over the next 5 years. The JAKSON Group is nearly a billion-dollar organization today. We aim to be a $2 billion organization over the next 2 years. With the kind of support we are getting from the government, particularly its focus on energy and infrastructure in India, combined with our progress and vision, I think we could be at least a $3-4 billion company by 2030. That's the vision we carry, and it's always very practical. I have been part of this organization for more than 2 decades now, part of the growth story. Historically, whenever we have targeted something, we have always overachieved and never underachieved. So we have a lot of confidence in whatever we plan to do.
TaiyangNews: Thank you for the interview.
