Solex Energy signed an MoU with a strategic partner to strengthen its renewable energy and solar manufacturing business in India. The collaboration aims to expand solar module production capacity, support advanced clean energy technologies, and accelerate growth opportunities across domestic and international markets, reinforcing Solex Energy’s long-term expansion strategy in the renewable sector.
PROJECT SNAPSHOT
Company: Solex Energy Limited
Partner: Government of Gujarat
BESS Capacity: 10 GW
Solar Manufacturing: 5 GW
Investment: ₹4,000 crore
Project Type: Integrated solar and storage
Location: Gujarat, India
Solex Energy signed a Memorandum of Understanding (MoU) with the Government of Gujarat on May 1, 2026 to improve India’s green energy capabilities. The MoU establishes the way for substantial growth in large-scale solar production and deployment of advanced energy storage technologies across the state. Solex Energy Limited, a Surat-based pioneer in India's solar industry since 1995, is undergoing a massive, multi-billion rupee expansion to transition from a module manufacturer into a fully integrated solar and energy storage player. As of early 2026, the company is rapidly expanding its high-efficiency module manufacturing while officially entering the BESS sector.
Solex Energy Limited is expanding its renewable energy footprint through a massive ₹4,000 crore investment plan focused on large-scale solar cell manufacturing and BESS. Historically known as a solar module manufacturer, the company is transitioning into a fully integrated energy player by moving upstream into cell production and diversifying into storage technologies.
The partnership is designed to enable Solex Energy Limited to build significant infrastructure in Gujarat. The MoU was designed to develop two major facilities. The project includes establishing a 5 GW solar cell manufacturing plant and a 10 GW BESS.
The project has been planned to implement in phases. The solar manufacturing plant to be developed in two stages: A capacity of 2 GW in Phase I and 3 GW in Phase II. As we know solar manufacturing strengthens domestic supply chains, its integration with a large-scale BESS facility ensures that renewable energy can be stored and dispatched efficiently, encouraging overall system reliability.
The MoU does not involve any change in ownership or management structure and does not impose financial liabilities on the company, indicating that it is primarily a facilitative agreement to support project development. The collaboration with the Gujarat government is expected to provide a conducive policy and infrastructure environment for the successful execution of the project.
Solex Energy's entry into the BESS market is a cornerstone of its "Vision 2030" strategy, aimed at providing round-the-clock green energy solutions. The company is in discussions with global technology partners to manufacture containerised BESS solutions and large-scale system kits. These systems will include integrated software and battery management systems for safety and performance. Initial progress is expected to be visible in late FY27 (around December 2026 or January 2027), with business momentum starting from 2028.
There is a total planned investment of $1.5 billion (approx. ₹12,500 crore) over the next five years for overall manufacturing expansion. For FY 2024-25, Solex reported a total income of ₹6.658 billion, an 81% year-on-year increase. The company is specifically targeting the U.S. export market and domestic utility-scale and commercial segments.