Insolation Energy To Setup Its Solar Cell, Module Unit In MP

By Chitrika Grover/ Updated On Mon, Dec 16th, 2024

Highlights :

The company has recently completed a preferential allotment of ₹400 crore, and work on setting up its third manufacturing facility
This facility can enhance the Solar Module manufacturing capacity from 1 GW to 4 GW by April 2025

Insolation Energy To Setup Its Solar Cell, Module Unit In MP

The Board of Directors of Insolation Energy (INA Solar) has now approved the plan to commission its new solar cell, module and Aluminium frame manufacturing facility in Madhya Pradesh. The latest development marks its first investment in solar manufacturing outside Rajasthan. This comes after the Madhya Pradesh government offered land to the company in the Narmadapuram district of the state to set up solar manufacturing units.

In its latest filing before the exchanges, the company announced the approval of its Board for the plan. “We are pleased to inform you that the Board of Directors of Insolation Green Energy Private Limited (A Wholly Owned Subsidiary of Insolation Energy Limited) has approved the proposal received from the Government of Madhya Pradesh, as outlined in their Letter of Intent (LOI) dated December 7, 2024.”

It also added, “The proposal pertains to the allotment of 45 acres (approximately 1,82,108.5 square meters) of land located in the Madhya
Pradesh Zone for Power and Renewable Energy Equipment at Mohasa, Babai, District Narmadapuram. The land is intended for the establishment of a manufacturing unit for Solar PV Modules, Solar Cells, and Aluminum Frames. The allotment comes with various special benefits/concessions and major once are stated as under.”

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Entry into solar cell & Al Frame Manufacturing

The latest plan will augment the manufacturing capacities of the Jaipur-based company which had planned to foray into solar cell manufacturing and Aluminium frame manufacturing. The allotment provides various benefits and concessions, including a one-time lease premium of ₹1 per square meter. Additionally, the land is subject to annual lease rent and development charges of ₹21 per square meter. The project also includes a Capital Incentive Subsidy of up to 40%. Electricity would be provided at a fixed rate of ₹4.36 per unit, while water supply would be available at a fixed rate of ₹25 per kiloliter.

This initiative aligns with the company’s strategic aspiration to achieve a $1 billion revenue target. The proposed fourth manufacturing facility has 3 GW for Solar Cell Manufacturing, 4 GW for Solar Module Manufacturing, and 24,000 MT for Aluminum Frame manufacturing. The project plans to be executed in two phases. This expansion is expected to bolster the company’s presence and capabilities in renewable energy manufacturing. INA Solar plans to invest approximately ₹1,800 crore in this project. Upon completion, the facility is expected to generate over 1,600 direct and indirect employment opportunities, contributing to regional development and growth in the renewable energy sector. This will be the group’s fourth manufacturing facility and its first outside Rajasthan.

The company has recently completed a preferential allotment of ₹400 crore, and work on setting up its third manufacturing facility is in full swing. This facility aims to enhance the Solar Module manufacturing capacity from 1 GW to 4 GW by April 2025, along with an Aluminum Frame manufacturing capacity of 12,000 MT.

Insolation Energy Announces 3rd Manufacturing Plant in Jaipur

Insolation Energy (INA Solar) earlier announced the ceremony of its manufacturing facility, located on the Delhi-Ajmer Expressway in Sawarda, Jaipur, Rajasthan. This investment of ₹400 crore is part of the company’s efforts to strengthen its position in India’s renewable energy sector and expand its production capacity.

Post-expansion, Insolation’s total module capacity will approach the 5 GW mark—a significant milestone for a firm that, until 2022, had a capacity of around 500 MW.