INOXGFL Group 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 is targeting an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, at an outlined capex of Rs.1,500 crore.
Inox Solar’s first solar 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.
EPC solutions
The company will also provide turnkey EPC solutions, including land acquisition and power evacuation, through its group company Inox Renewable Solutions Ltd (earlier known as Resco Global Wind Services Ltd.). Additionally, it will offer post commissioning O&M services through another group company Inox Green Energy Services.
Completing the value chain
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.
Synergies within INOXGFL Group
Inox Solar will capitalize on the strong synergies within the INOXGFL Group:
- Supplementing Inox Wind to provide comprehensive hybrid (wind + solar) renewable energy solutions to customers
- Aims to be a strong player in the 3rd party 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
- Integration with Inox Renewable Solutions Ltd. (earlier known as Resco Global Wind Services Ltd) for solar project EPC and power evacuation leading to large revenue opportunities for Inox Renewable Solution Ltd
- Integration with Inox Green Energy Services for the post commissioning O&M of solar projects leading to large scale opportunities for Inox Green
- IGREL Renewables, the Group’s Renewables IPP platform, which is setting up 3 GW of hybrid RE capacity, to provide large order visibility for Inox Solar
Fully integrated player
Speaking on the momentous occasion, Devansh Jain, Executive Director of INOXGFL Group, said “With Inox Solar, we proudly mark a new chapter in INOXGFL Group’s journey, advancing India’s renewable energy aspirations. This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem.”
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