Gautam Solar has announced its plan of expanding solar module manufacturing capacity to 5 GW by 2025.
This expansion will occur in three phases, with the first phase set for completion in November 2024, followed by the second and third phases in January and April 2025, respectively.
This expansion is part of the company’s vision of solidifying India’s position as a global leader in solar off-grid technology, a release by Gautam Solar said.
IPO planned
This Rs.1,000-crore capacity expansion plan will be funded through an Initial Public Offering (IPO), anticipated in the next 12-18 months. The IPO will drive the company’s growth by setting up a 2-GW solar cell manufacturing plant to bolster solar module production and achieve the 5-GW target within the stipulated time.
National goal
Sharing his views about the expansion plan, Gautam Mohanka, Managing Director, Gautam Solar, said, “As India targets achieving 500 GW of renewable energy by 2030, our expansion to 5 GW of solar module manufacturing capacity by 2025 is a vital step towards contributing to this national goal. Currently, India’s solar energy capacity stands at around 70 GW, and with this expansion, Gautam Solar will account for nearly 5 per cent to 7 per cent of the country’s total capacity.
This initiative is not just about scaling up – it’s about driving innovation, creating new jobs, and offering solar products specifically designed to meet India’s unique environmental and economic needs.”
Also read: Gautam Solar to enter solar cell manufacturing, plans Rs.1,000-crore capex
Featured collage shows file photographs of Gautam Solar’s manufacturing facility