Solex Energy targets Rs 500 crore QIP: Chairman

Listed solar panel manufacturer Solex Energy plans to raise ₹500 crore in equity through a qualified institutional placement (QIP) and ₹1,000 crore in debt to fund its expansion, chairman Chetan Shah said.

Solex, which migrated to the main board of the National Stock Exchange this month, has a market capitalization of about ₹1,600 crore. The company aims to complete the equity raise within three months, Shah said, adding that a State Bank of India–led consortium has already agreed to finance the debt component.

The company will invest ₹1,400 crore to set up a 2.2 GW solar cell manufacturing facility and expand its existing module capacity by 2.5 GW. The cell facility will cost ₹1,200 crore and is targeted for completion by March 2027. Land, regulatory approvals, and technology partnerships are already in place, he said. The expanded module facility will cost Rs 200 crore and be operational a few months before the new cell plant comes onstream.


Solex currently has an operational module manufacturing capacity of 4 GW. It plans to scale up to 10 GW of module capacity and an equal 10 GW of cell capacity by 2030, with a total planned investment of $1.5 billion.