INA Solar Raises Rs. 402 Crore Via Preferential Allotment Of Equity Shares

INA Solar's Raise Rs 402 Crores Through Preferential Allotment Of Equity Shares

Rajasthan-based Insolation Energy Limited (INA Solar), a solar panel manufacturer raised Rs 402 Crores from investors in response for its preferential allotment of equity shares.

Chairman Manish Gupta and Managing Director Vikas Jain expressed their gratitude, highlighting that since its inception in 2017, Insolation Energy Limited has established Rajasthan’s one of the largest solar panel manufacturing facilities.

With the new upcoming facility of 3 GW in Jaipur, INA aims to become one on the large solar panel manufacturers in India with 4GW solar module capacity. By March 2025, the company expects to make the module capacity operational, in addition to setup of 12000 MT Aluminum frame manufacturing unit. By March 2026 INA Solar plans to expand 1.5GW solar cell manufacturing facility.

The company in its annual report for financial year 2023-24 mentioned, “INA Solar has supplied more than 700 MW of modules by participating in key government schemes like JJM, SECI, PM Kusum Yojana (A/B/C), PM Surya Ghar Yojana, BREDA, HAREDA, Rajasthan Rooftop Projects, Gujarat Rooftop Projects, BSNL, Solar Park and more.”

Updating on its ongoing business operations, the company reported a 419.50% year-over-year (YOY) growth in PAT in Financial Year 2023-24. On consolidated basis, the company INA Solar has reportedly supplied more than 600 MW of modules by participation in key government schemes like PM Surya Ghar Muft Bijli Yojana, JJM, SECI, PM Kusum Yojana, BREDA, HAREDA, Rajasthan Rooftop Projects, Gujarat Rooftop Projects, BSNL, Solar Park and more.