Insolation Green Energy Announces 7 GW Solar Cell & Module Production Plans
INA Solar subsidiary Insolation Green Energy is expanding its solar cell and module manufacturing capacity by 7 GW. (Photo Credit: Insolation Energy Limited)
Insolation Green Energy Private Limited has secured 45 acres of government land in Madhya Pradesh (MP) to establish a manufacturing unit for 4 GW solar PV modules, 3 GW solar cells, and 24,000 MT aluminum frames. These projects will be executed in 2 phases.
The manufacturing unit will be located in the Madhya Pradesh Zone for Power and Renewable Energy Equipment at Mohasa, Babai in Narmadapuram district.
Insolation plans to invest close to INR 18 billion in completing this project in MP which will generate more than 1,600 direct and indirect jobs. According to the company, along with a capital incentive subsidy of up to 40%, it will get electricity and water benefits with fixed rates from the state.
It will be Insolation’s 4th manufacturing factory and the 1st outside of Rajasthan. The manufacturer broke ground on a 3 GW module production fab in Rajasthan’s Jaipur in September 2024.
“The company has recently completed Preferential allotment of Rs. 400 Crore and work of setting up of company third manufacturing facility is under full swings to enhance the Solar Module manufacturing capacity from 1 GW to 4 GW by April 2025 and Aluminum frame manufacturing facility 12000 MT,” shared the management.
Recently, this subsidiary of Insolation Energy Limited (INA Solar), signed a memorandum of understanding (MoU) with the Rajasthan state government to invest INR 100 billion in solar power generation on an IPP basis, rooftop solar solutions, component manufacturing, and solar parks.
INA Solar ended H1 2024 (period ended September 2024) with a 118% year-on-year (YoY) increase in revenues and 172% growth in EBITDA. By March 2025, it targets 4 GW module production capacity and before March 2026, it will start 1.5 GW cell manufacturing under phase 1 of its CapEx.
Under phase 2, its target is to have 6.5 GW of operational solar module and 3 GW of solar cell manufacturing capacity within 3 years.