Gautam Solar to invest $450M to set up solar plant in India
The project, to be developed on 4 acres of land in central India, will produce TOPCon cells with a planned capacity of 5 GW. Implementation of Phase 1, which includes setting up a solar cell manufacturing capacity of 2 GW, has started.
Solar module manufacturer Gautam Solar Private Ltd (GSPL) has announced plans to invest ₹40 billion (about USD 450 million) to set up a solar cell manufacturing facility at Gwalior in the central Indian state of Madhya Pradesh.
The project, to be developed on 4 acres of land, will produce TOPCon cells with a planned capacity of 5 gigawatt (GW), according to a report by Business Standard.
Implementation of Phase 1, which includes setting up a solar cell manufacturing capacity of 2 GW, has started, the Indian company said.
After the first phase is completed, an IPO will be launched to raise funds for the second phase, which will add another 3 GW.
“With one of the largest solar cell manufacturing units in India using the latest highly advanced TOPCon technology, we envision to deepen domestic solar manufacturing context while reducing reliance on imports for the ecosystem,” said Gautam Mohanka, CEO and director, Gautam Solar, according to a report by Fortune India. “Our vision is integrating solar value chains in India from wafers to modules.”
The company also said it wants to expand into solar wafer manufacturing in the future.
