Solex Energy targets ₹1500 crore investment to boost capacity

30 Sep 2024 , 03:15 PM

Solex Energy, a solar panel manufacturer, aims to invest Rs 1,500 crore over three years to expand its manufacturing plant, according to a top official who talked to ET.

Solex is registered on the National Stock Exchange’s SME platform and plans to list on the exchange’s main board by December, according to Vipul Shah, director of Solex Energy who talked to ET. This will aid in the resolution of liquidity issues that a stock may encounter on the SME platform, he stated.

Solex intends to raise new stock this fiscal year following its listing on the NSE main board, which will be used to support its Rs 1500-crore development plan, Shah said, adding that details are still being worked out. Solex’s shares have nearly tripled in a year to Rs 1,378 each on the SME platform, valuing the company at Rs 1,488 crore.

Solex has a module-making capability of 700 MW, which will be increased to 1.5 GW by December. The company intends to add another 2.5 GW of capacity by mid-2025, as well as 2 GW of fresh cell manufacturing capacity by 2027. The cell-making capacity will require up to Rs 1200 crore of investment, while the 2.5 GW module capacity will cost around Rs 300 crore.

According to their website, the company is on the way to break all the traditional norms and achieve greater delight by adopting Industry 4.0 and Big Data. Solex is all geared to take the path uncharted by other manufacturers as the new management in highly exposed towards IT and manufacturing.

For feedback and suggestions, write to us at [e-mail]