The INOXGFL Group has announced its entry into solar manufacturing through a new entity, Inox Solar, with plans to establish a significant presence in the renewable energy sector. The group has outlined an investment of ₹1,500 crore (approximately $180 million) to develop an initial production capacity of 5 GW for solar modules and 2.5 GW for solar cells by 2026.
As part of its plans, Inox Solar will construct its first solar module manufacturing facility in Gujarat, with a production capacity of 1.2 GW. This facility is expected to commence operations by March 2025 and will focus on manufacturing TopCon modules.
The venture is designed to integrate with other group businesses, including Inox Renewable Solutions Ltd., which will provide engineering, procurement, and construction (EPC) services, as well as power evacuation support. Post-commissioning operations and maintenance services will be offered through Inox Green Energy Services.
The INOXGFL Group has existing infrastructure to support the foray, with more than 5 GW of power evacuation capacity already in place. Its renewable energy independent power producer (IPP) platform, IGREL Renewables, is currently setting up 3 GW of hybrid renewable energy capacity, expected to provide demand visibility for Inox Solar.
Devansh Jain, Executive Director of INOXGFL Group, described the initiative as a natural progression for the group, emphasizing its focus on expanding the renewable energy ecosystem.
The group’s move into solar manufacturing complements its existing wind energy business, enabling it to offer hybrid energy solutions for commercial and industrial markets.
This development forms part of the INOXGFL Group’s strategy to deepen its integration within the renewable energy sector, aligning with its interests across wind energy, energy storage, and electric vehicle segments.