INOXGFL Group enters solar manufacturing with ₹1,500 crore investment plan, targets 5 GW capacity by 2026

INOXGFL Group on Wednesday announced its entry into solar manufacturing through its privately held entity, Inox Solar.

Inox Solar plans to establish an initial production capacity of 5 GW for solar modules and 2.5 GW for solar cells by 2026, with an estimated capital expenditure of ₹1,500 crore.

Its first solar module manufacturing facility in Gujarat, with a capacity of 1.2 GW, is slated to commence operations by March 2025. The facility will produce advanced TopCon modules, the company said in a statement.

The group also aims to leverage synergies within its ecosystem. Inox Renewable Solutions Ltd., previously known as Resco Global Wind Services Ltd., will provide turnkey EPC solutions, including land acquisition and power evacuation. Inox Green Energy Services will handle post-commissioning operations and maintenance (O&M) services for solar projects.

The group's foray into solar is expected to enhance Inox Wind's ability to offer hybrid renewable energy solutions, combining wind and solar power, catering to customers in the commercial and industrial (C&I) segment.

"This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem," Devansh Jain, Executive Director of INOXGFL Group, said in a statement.

"By targeting 5 GW of solar module 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," he added.

INOXGFL Group is known for its strong presence in fluorochemicals, battery chemicals, and renewable energy. Its four listed entities—Gujarat Fluorochemicals Ltd., Inox Wind Ltd., Inox Green Energy Services Ltd., and Inox Wind Energy Ltd.—collectively command a market capitalisation of approximately $12 billion, according to the conglomerate.