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Investing.com -- Indian solar module manufacturer Solex Energy plans to invest $1.5 billion over the next five years to expand its manufacturing capacity as it targets exports to the United States.
The company currently operates a 4-gigawatt module manufacturing facility in Gujarat and aims to increase its capacity to 10 GW. Solex also plans to establish 10 GW of cell manufacturing and 2 GW of ingot and wafer production.
To fund this expansion, the company will raise capital in stages. It is close to securing a 5 billion-rupee ($56.9 million) investment from institutional investors in the coming weeks.
"The U.S. is the largest market in the world for solar products, and only India can currently offer cost-effective alternatives," Managing Director Chetan Shah said on Wednesday, pointing to high anti-dumping duties on Chinese products.
Shah expressed confidence that Solex can serve the U.S. market by producing key components domestically, including cells, wafers, and ingots, ensuring a supply chain free from Chinese inputs.
The company does not currently have operations in the U.S. but has formed a team to study the market and identify potential opportunities.
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