Indian solar PV company GP Eco Solutions India has signed a memorandum of understanding (MoU) to secure funds for a 5GW/2GW solar cell and module manufacturing facility in the state of Madhya Pradesh.
Announced in a LinkedIn post last week (28th February), GP Eco Solutions said it signed the MoU with the New and Renewable Energy Department of the Madhya Pradesh government at a finance and investment event in the Indian city of Bhopal.
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The deal outlines plans for an INR 1,000 crore (US$144 million) investment by the end of 2028 to establish a manufacturing facility for 5GW of solar modules and 2GW of solar cells in Madhya Pradesh.
The company did not confirm the PV technology it intends to produce at the site. PV Tech has asked for clarification on this.
The announcement joins the growing ranks of solar PV manufacturing capacity announcements across India. Some of the country’s biggest players in solar and renewable energy, like Waaree, Tata Power and Adani Green Energy have announced or completed solar manufacturing expansions in recent months.
These are driven by government incentives for domestic solar manufacturing, part of prime minister Modi’s government’s efforts to establish India’s domestic industry as an alternative to the current concentration of solar PV supply in China.
GP Eco Solutions India is a solar inverter and module distributor which also provides engineering, procurement and construction (EPC) services.
