Reportedly, Solex Energy is set to raise Rs 5 billion through a qualified institutional placement (QIP) and Rs 10 billion in debt financing to support its expansion plans.
The equity raise is targeted for completion within three months, with a consortium led by State Bank of India to fund the debt portion. The company will invest Rs 14 billion to establish a 2.2 GW solar cell manufacturing facility and expand its existing solar module capacity by 2.5 GW. The new cell facility, costing Rs 12 billion is expected to be completed by March 2027. Regulatory clearances, land acquisition, and technology partnerships have already been secured. The expanded module unit, with an investment of Rs 2 billion, is scheduled to be operational prior to the cell plant.