Solex Energy Outlines $1.5 Billion Investment Plan Through 2030, Targets US Expansion

Gujarat-headquartered renewable energy firm Solex Energy is preparing for its global debut by targeting the United States for solar module and cell manufacturing capacities. The proposed international expansion forms part of the company's larger $1.5 billion investment roadmap planned through 2030.

Chetan Shah, Chairman and Managing Director of Solex Energy, stated that the US market was selected for expansion to capitalize on clean energy component demand and to position the company as a competitive alternative to Chinese suppliers. Shah noted that steep anti-dumping duties on Chinese imports leave India as a primary viable supplier of low-cost alternatives in the market.

While specific project details for the US operations remain undisclosed due to regulatory compliance, Shah confirmed that an internal team has been formed to evaluate required investments, potential locations, and other operational parameters. 'The US is a high-potential market. While many Indian corporates are already present there, a healthy number of business houses, including us, are also looking to invest there,' Shah said.

Domestically, Solex Energy currently operates a 4 gigawatt (GW) module manufacturing facility in Gujarat. The company's expansion roadmap includes increasing its module manufacturing capacity to 10 GW, alongside establishing 10 GW of cell manufacturing and 2 GW of ingot and wafer production capacities.

Addressing regulatory policies, Shah commented on the ALMM-II framework, which mandates the sourcing of made-in-India cells from an approved list of module manufacturers. He noted that while the industry is aligned with the government's net-zero objectives and has invested heavily in module capacities, current market circumstances necessitate an extension of the ALMM-II framework by at least 12 months due to domestic cell availability constraints.

According to Shah, India's module manufacturing capacity stood at approximately 262 GW by October 2026, while domestic cell capacity was limited to roughly 37 GW. Furthermore, he highlighted that a significant portion of existing cell capacities utilizes older MONO PERC technology or remains non-operational, whereas module capacities have been built to utilize newer TOPcon technology.

"Solex Energy's strategic pivot toward the US market highlights the growing global competitiveness of Indian renewable energy companies. Venturing internationally while simultaneously scaling domestic capacities requires careful capital allocation and navigation of regulatory frameworks. Addressing the domestic gap between module and cell manufacturing capacities will be critical for sustainable growth, especially as the industry adapts to frameworks like ALMM-II and transitions toward advanced technologies like TOPcon." — Dr. Shishir Gupta, Founder & CEO, StartupLanes