Solex Energy to invest Rs 4,000 cr to set up solar cell manufacturing plant, BESS project in Gujarat

New Delhi: Solar energy solutions provider Solex Energy on Monday said that it will invest Rs 4,000 crore to set up an integrated solar cell manufacturing facility and a battery energy storage system (BESS) project in Gujarat.

The company has signed a Memorandum of Understanding (MoU) with the government of Gujarat to establish a large-scale advanced renewable energy manufacturing ecosystem in the state, with a proposed investment of approximately Rs 4,000 crore, Solex Energy Ltd said in a statement.

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Apart from developing a 10-GW BESS project, Solex Energy will set up a 5-GW solar cell manufacturing facility, which is to be developed in phases with a capacity of 2 GW in the first phase and the remaining 3 GW in the second phase, the Surat-based company said.

The proposed integrated manufacturing ecosystem will significantly contribute to Gujarat's emergence as a global clean-tech manufacturing hub while generating substantial employment opportunities, fostering industrial growth, and accelerating India's renewable energy ambitions, it said.

"This MoU is not merely an investment announcement; it is a commitment towards India's clean energy future," said Chetan Shah, Chairman & Managing Director, Solex Energy.