Solarworld Energy Solutions Backs 2.4 GW TOPCon Cell JV

Solarworld Energy Solutions Limited has approved a 50:50 joint venture with Rays Power Infra Limited to develop a 2.4 GW n-type TOPCon G12R solar-cell plant at Mohasa-Babai in Madhya Pradesh. Solarworld will invest up to ₹100 crore in equity and provide a project loan of up to ₹320 crore, while the overall project cost is estimated at ₹1,000 crore.

What has Solarworld Energy Solutions announced?

Solarworld has signed a Securities Subscription Agreement and a Joint Venture Agreement with Rays Power Infra and Rays Green Energy Manufacturing Private Limited. The arrangements allow Solarworld to acquire 50% of Rays Green, with Rays Power holding the remaining 50% stake.

The board approved the agreements on September 7, 2026. The joint venture will establish, develop, construct, commission and operate a solar photovoltaic cell manufacturing facility at Mohasa, Babai, in the Narmadapuram district of Madhya Pradesh.

Solarworld will initially subscribe ₹26.82 crore for 12,600 equity shares in Rays Green at an issue price of ₹21,287 per share. Its total equity subscription can rise to ₹100 crore, as part of a combined equity commitment of up to ₹200 crore from the two partners.

The project is being undertaken through Rays Green, a company engaged in manufacturing, design, development, trading, import, export, assembly, operation and maintenance of renewable-energy products. The company is already developing the proposed 2.4 GW cell manufacturing project at the Mohasa site.

How will the 2.4 GW cell plant be financed?

Solarworld's commitment comprises up to ₹100 crore of equity and a loan facility of up to ₹320 crore for Rays Green. The loan is proposed to be disbursed in one or more tranches according to the project's funding requirements.

The aggregate financial commitment under the agreements is capped at ₹520 crore. This includes the partners' combined equity subscription of up to ₹200 crore and Solarworld's proposed loan of up to ₹320 crore. The stated total project cost is ₹1,000 crore, indicating that the joint venture will require funding beyond the disclosed commitments.

Solarworld also intends to use unutilised proceeds from its fresh issue for the investment in Rays Green. The company had earlier proposed investing in its subsidiary, Kartik Solarworld, for a 1.2 GW TOPCon solar-cell facility at Pandhurana in Madhya Pradesh, but has shifted the proposed investment to the larger Mohasa project.

Where will the manufacturing facility be located?

The manufacturing facility will be located on approximately 41.30 acres at Mohasa-Babai in Narmadapuram district, Madhya Pradesh. The land was allotted by the Madhya Pradesh Industrial Development Corporation.

Rays Green executed a registered lease deed for the site on March 4, 2025. It has also obtained consent to establish from the Madhya Pradesh Pollution Control Board, and construction has commenced, according to the disclosed project details.

The plant is planned to manufacture and sell solar PV cells, along with related and ancillary products and activities. Its proposed output will be high-efficiency n-type TOPCon G12R cells, a solar-cell technology used for higher-efficiency module production.

The venture is targeting commercial production by June 2027. The disclosed timeline makes project execution, funding disbursement and completion of construction central milestones for the partners over the coming months.

Why is the joint venture important for Solarworld?

The joint venture is intended to provide Solarworld with backward integration into solar-cell manufacturing. Solarworld is a PV module manufacturer and EPC firm, and the proposed cell capacity is expected to support its module manufacturing and utility-scale project operations.

By holding half of the cell manufacturing venture, Solarworld aims to secure longer-term cell supplies and reduce its reliance on third-party suppliers. The announcement does not quantify any expected savings, revenue contribution or production allocation between the partners.

For Rays Power, the agreement adds Solarworld as an equal partner in a manufacturing project that it had been developing through Rays Green. The project combines Rays Power's solar development and EPC presence with Solarworld's module manufacturing and EPC operations.

The transaction is also subject to applicable requirements under the Companies Act, 2013, and regulations of the Securities and Exchange Board of India. The agreements were disclosed by Solarworld under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations.

What does the project mean for the solar manufacturing market?

The proposed plant adds 2.4 GW of planned solar-cell manufacturing capacity in India and is focused on TOPCon technology. Domestic cell production is relevant to module makers because cells are a key input in photovoltaic module manufacturing.

The project is positioned as a domestic supply-chain investment linking cell production with Solarworld's existing module and EPC businesses. It may also support Rays Power's broader solar project ecosystem, although the companies have not disclosed expected customer volumes or offtake arrangements.

For investors, the key disclosed financial exposure is Solarworld's potential ₹420 crore commitment through equity and lending. The company has not provided projected returns, financing terms for the loan, or a construction completion date beyond the target for commercial production.

For the Madhya Pradesh location, the project brings manufacturing activity to the Mohasa-Babai site where construction has begun. Its eventual operational scale will depend on completion of the plant and commissioning of the planned production lines.

Conclusion

Solarworld Energy Solutions has chosen a 50:50 partnership with Rays Power Infra to participate in a 2.4 GW TOPCon solar-cell facility rather than pursue its earlier proposed 1.2 GW investment through Kartik Solarworld. The arrangement gives Solarworld a 50% stake in Rays Green and combines up to ₹100 crore of equity with a loan facility of up to ₹320 crore.

The next disclosed milestones are funding in tranches, continued construction at the 41.30-acre Mohasa-Babai site and the target of commercial production by June 2027. Investors will also watch the use of unutilised fresh issue proceeds and further disclosures on the balance of project funding for the estimated ₹1,000 crore facility.