Gautam Solar has announced an investment of INR 4,000 crore for establishing a state-of-the-art solar cell manufacturing facility in Madhya Pradesh. The project will be developed on 54 acres of land in Gwalior, where the company will focus on producing advanced TOPCon solar cells with a total planned capacity of 5 GW.

Implementation of the project has commenced with Phase 1, which will include setting up a solar cell manufacturing capacity of 2 GW. The development is expected to be completed by calendar year 2026, the company said in a statement.

It further added that after the successful completion of Phase 1, Gautam Solar plans to launch an IPO to raise funds for Phase 2, which will have an additional 3 GW capacity. Looking forward, the company envisions expanding into solar wafer manufacturing to create a fully integrated solar value chain in India.

Commenting on the development, Gautam Mohanka, Director, Gautam Solar, said, “This investment signifies a monumental achievement, not just for Gautam Solar, but for India’s renewable energy sector. 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. Our vision is integrating solar value chains in India from wafers to modules. We are supporting the nation’s transition to clean energy and the Atmanirbhar Bharat.”

The investment highlights Gautam Solar’s commitment to progressing the renewable energy sector and reducing import dependencies in solar technology in India. The project is expected to be pivotal in boosting the domestic solar manufacturing ecosystem and aiding in the clean energy goals of the country.

Further, enhancing the company’s credibility, Gautam Solar has recently received a long-term rating of CRISIL A-/Stable and a short-term rating of CRISIL A2+. These ratings signify the company’s strong financial health, long-term stability and bankability of solar modules.

With this initiative, Gautam Solar is strengthening its leadership to build a self-reliant solar ecosystem while also contributing meaningfully to the country’s sustainable growth journey, stated the company.