Peer Company of Suzlon Announces Mega Foray into Solar Manufacturing with 5 GW Solar Module and 2.5 GW Solar Cell Capacity Target by 2026
The first solar module manufacturing facility, with an initial capacity of 1.2 GW, is set to commence operations in Gujarat by March 2025.
INOXGFL Group, one of India’s leading business conglomerates, has announced its entry into solar manufacturing through its privately held entity, Inox Solar. The company aims to establish itself as a rapidly growing solar platform, targeting an initial capacity of 5 GW for solar modules and 2.5 GW for solar cells by 2026. This ambitious project comes with an estimated capital expenditure of Rs 1,500 crores.
Inox Solar’s offerings will include comprehensive turnkey EPC solutions, encompassing land acquisition and power evacuation, provided through its group company, Inox Renewable Solutions Ltd. (formerly Resco Global Wind Services Ltd.). Post-commissioning operations and maintenance (O&M) services will be handled by another group entity, Inox Green Energy Services.
The first solar module manufacturing facility, with an initial capacity of 1.2 GW, is set to commence operations in Gujarat by March 2025. The facility will focus on producing high-efficiency TopCon solar modules.
Capitalizing on INOXGFL Group Synergies
Inox Solar will leverage the robust synergies within the INOXGFL Group to position itself as a key player in India’s renewable energy market. Key strategic integrations include:
- Hybrid Renewable Solutions: Supplementing Inox Wind to deliver comprehensive hybrid solutions (wind + solar) to customers.
- C&I Market Focus: Targeting the third-party commercial and industrial (C&I) market to develop hybrid and round-the-clock renewable energy capacities, leveraging Inox Wind’s established client relationships.
- EPC Integration: Partnering with Inox Renewable Solutions Ltd. for solar project EPC and power evacuation, creating significant revenue opportunities.
- O&M Expertise: Collaborating with Inox Green Energy Services for large-scale post-commissioning O&M services for solar projects.
- Infrastructure Advantage: Leveraging over 5 GW of existing plug-and-play power evacuation infrastructure, providing a competitive edge.
- IPP Support: IGREL Renewables, the group’s renewable IPP platform, is developing 3 GW of hybrid renewable energy capacity, ensuring substantial order visibility for Inox Solar.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
A Complete Renewable Energy Ecosystem
The INOXGFL Group’s foray into solar manufacturing represents a natural progression, completing its presence across the entire renewable energy ecosystem. With interests spanning EVs, energy storage, wind, solar, and green services, the group emerges as one of India’s most integrated players in the energy transition space.
By expanding into solar manufacturing, INOXGFL Group reinforces its commitment to supporting India’s renewable energy ambitions while creating large-scale opportunities within its ecosystem.
Currently, the shares of Inox Wind Limited are trading at around Rs 206.50 per share. The company’s current market capitalization stands at Rs 26,858 crore. The stock has delivered a multibagger return of over 105 per cent in just 1 year.
Disclaimer: The article is for informational purposes only and not investment advice.