Gautam Solar has announced plans to expand its solar module manufacturing capacity to 5 gigawatts (GW) by 2025. The expansion will take place in three phases, with the first phase expected to be completed by November 2024, followed by the second phase in January 2025, and the final phase in April 2025. This development is part of the company’s strategy to increase solar module production to meet growing demand in the renewable energy sector.
The company has also detailed a Rs 1000 crore expansion plan for solar cell manufacturing, with further growth expected to be funded through an Initial Public Offering (IPO) planned within the next 12 to 18 months. The funds raised through the IPO will be used to set up a 2 GW solar cell manufacturing plant, contributing to the overall 5 GW target.
Commenting on the initiative, Gautam Mohanka, Managing Director of Gautam Solar, stated that the expansion would help increase India’s solar energy capacity, which currently stands at around 70 GW. Once complete, the company aims to account for approximately 5% to 7% of the country’s total solar capacity.
The company’s investment in domestic production is intended to align with broader national goals of increasing renewable energy output and reducing reliance on imports.