PV module manufacturer and EPC firm Solarworld Energy has entered into a joint venture with engineering, procurement and construction (EPC) company and solar developer Rays Power Infra to develop a 2.4GW solar PV cell manufacturing facility in Madhya Pradesh, India.
With a total expected investment of INR5.2 billion (US$55 million), the joint venture, Rays Green Energy Manufacturing, will be owned in 50:50 partnership. The partners will establish, develop, construct, commission and operate the solar cell manufacturing facility on a 41.3-acre site at Mohasa, Babai, in Narmadapuram district.
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The facility is planned to manufacture and sell solar PV cells, alongside related and ancillary activities. Rays Green is currently developing the 2.4GW tunnel oxide passivated contact (TOPCon) cell manufacturing project at the site.
The facility is targeting commercial production by June 2027.
Solarworld Energy Solutions initially proposed investing in its subsidiary, Kartik Solarworld, to part-finance a 1.2GW TOPCon solar PV cell manufacturing facility at Pandhurana, Madhya Pradesh.
However, it decided to invest in Rays Green for the development of the larger 2.4GW project at Mohasa, subject to applicable requirements under India’s Companies Act, 2013, and Securities and Exchange Board of India (SEBI) regulations.
Rays Green was incorporated in 2022, and is engaged in the manufacture, design, development, trading, import, export, assembly, operation and maintenance of renewable energy products. The company reported turnover of INR4.36 billion (US$46 million) in FY2025-26.
Noida, Uttar Pradesh-headquartered Solarworld Energy has completed more than 500MW of solar capacity and has an active pipeline exceeding 900MW, with the company targeting 5GW of operational capacity by 2028.
It also operates a solar module manufacturing facility in Roorkee, Uttarakhand, with annual production capacity of 1.8GW.
