INOXGFL Group, a diversified business group in India, has announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters. Aiming to be one of the fastest growing solar platforms in the country, Inox Solar targets an initial manufacturing capacity of 5 GW of solar modules and 2.5 GW of solar cells by 2026, with an outlined capex of INR 1,500 crore.
The company will also provide turnkey EPC solutions, including land acquisition & power evacuation, through its group company Inox Renewable Solutions Ltd (earlier known as Resco Global Wind Services Ltd). Additionally, it will offer post commissioning operation and maintenance (O&M) services through another group company Inox Green Energy Services.
Inox Solar’s first PV module manufacturing unit with initial capacity of 1.2 GW in Gujarat is expected to be operational by March 2025. The facility will manufacture TOPCon modules.
“For the INOXGFL Group, solar manufacturing is a natural extension as it completes the Group’s interests across the entire renewable energy ecosystem, making it one of the deepest integrated Group’s in India in the energy transition space – having a presence across EV, energy storage, wind, solar, green services, etc,” stated the company.
Inox Solar will supplement Inox Wind to provide comprehensive hybrid (wind + solar) renewable energy solutions to customers. It aims to be a strong player in the third-party commercial and industrial (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. IGREL Renewables, the Group’s renewable power generation platform, which is setting up 3 GW of hybrid RE capacity, provides large order visibility for Inox Solar.
Devansh Jain, executive director of INOXGFL Group, said, “This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem. Our vision is to deliver comprehensive renewable solutions, supported by world-class manufacturing capabilities and turnkey services. 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.”
INOXGFL Group operates in diversified business segments comprising fluoropolymer, fluorochemicals, battery chemicals, wind turbines and renewables. Comprising four listed entities – Gujarat Fluorochemicals Ltd (GFL), Inox Wind Ltd, Inox Green Energy Services Ltd, and Inox Wind Energy Ltd, the Group commands a market capitalization of $12 billion.
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