INOXGFL Group Forays Into Solar Modules, Cell Manufacturing

INOXGFL Group Forays Into Solar Modules, Cell Manufacturing

Noida-based wind energy company INOXGFL group has announced a foray into solar manufacturing through Inox Solar, a privately held entity by the promoters. The move ostensibly completes the group’s interests across the entire renewable energy ecosystem. to make it what it hopes will be the one of the deepest integrated groups in India in the energy transition space. This partnership expands the company’s presence across EV, Energy Storage, Wind, Solar, and Green services, etc.  

Inox Solar is targeting an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, at an outlined capex of Rs 1,500 crores. The company will also provide turnkey EPC solutions, including land acquisition and power evacuation, through its group company Inox Renewable Solutions Ltd. (earlier known as Resco Global Wind Services Ltd.).

Inox Expansion Into Solar Segment

Additionally, it also offers post-commissioning operation and management (O&M) services through another group company Inox Green Energy Services. Inox Solar’s first solar module manufacturing unit with an initial capacity of 1.2 GW in Gujarat is expected to be operational by March 2025. The facility will manufacture TopCon modules.

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Capitalising On Synergies Within INOXGFL Group

• Supplementing Inox Wind to provide comprehensive hybrid (wind + solar) renewable energy solutions to customers
• Aims to be a strong player in the 3rd party C&I market where customers are looking to set up hybrid and round-the-clock renewable energy capacities and where Inox Wind has long-term relationships
• Integration with Inox Renewable Solutions Ltd. (earlier known as Resco Global Wind Services Ltd.) for solar project EPC & power evacuation leading to large revenue opportunities for Inox Renewable Solution Ltd.
• > 5 GW of plug-and-play power evacuation infrastructure in place – a strong moat
• Integration with Inox Green Energy Services for the post-commissioning O&M of solar projects leading to large-scale opportunities for Inox Green 
• IGREL Renewables, the Group’s Renewables IPP platform, is setting up 3 GW of hybrid RE capacity, to provide large order visibility for Inox Solar

Speaking on the occasion, Devansh Jain, Executive Director of INOXGFL Group, said “With Inox Solar, we proudly mark a new chapter in INOXGFL Group’s journey, advancing India’s renewable energy aspirations. This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem. By targeting 5 GW of solar modules and 2.5 GW solar cell capacity by 2026, we aim to drive energy independence and empower our stakeholders. Together, we are not just contributing to greening India but also redefining the benchmarks of excellence in the renewable sector.”