Solarworld Energy Solutions and Rays Power Infra have formed a 50:50 joint venture to set up a 2.4 GW solar cell manufacturing facility in the Indian state of Madhya Pradesh. The factory will be developed through Rays Green Energy Manufacturing, in which Solarworld and Rays Power will each hold a 50% stake. The companies recently signed a securities subscription agreement and joint venture agreement with Rays Green Energy Manufacturing. The project is expected to cost INR 10 billion ($105.5 million), with commercial production scheduled to start in June 2027.
The facility will be built on a 41.3-acre site at Mohasa-Babai in Narmadapuram district and will produce n-type TOPCon G12R solar cells. Solarworld said the aggregate financial commitment under the agreements is up to INR 5.2 billion ($54.9 million). This includes an equity investment of up to INR 2 billion ($21.1 million) in Rays Green Energy Manufacturing, with Solarworld and Rays Power each contributing up to INR 1 billion ($10.5 million). Solarworld will also provide Rays Green Energy Manufacturing with a loan of up to INR 3.2 billion ($33.8 million) to finance the project.
Solarworld said the project will provide a backward-integration platform for solar cell manufacturing and strengthen its solar value chain. The company stated the facility will help secure long-term cell supplies, reduce reliance on third-party suppliers, and complement its existing solar engineering, procurement and construction (EPC) and module manufacturing operations. This suggests the joint venture is intended to give both partners more control over a critical input in solar module production, potentially improving supply security and cost predictability.
What remains unknown is the timeline for construction milestones, the source of any remaining project funding beyond the disclosed commitments, and the offtake or sales arrangements for the cells once production begins. The dossier also does not specify technology licensing partners, equipment suppliers, or any government incentives that may apply to the Madhya Pradesh facility. Because the evidence comes from a single full-text source, these details should be confirmed through additional reporting.