Shares of Solex Energy were up over 1% in early trade on Wednesday, October 30, trading at ₹1,509.70 after the company announced a major investment plan to scale up manufacturing and tap export opportunities in the United States.
The solar module maker will invest $1.5 billion over the next five years to expand capacity, a senior company executive told Reuters. Solex currently operates a 4-gigawatt module manufacturing plant in Gujarat and plans to scale it up to 10 GW. In addition, the company will set up 10 GW of cell manufacturing and 2 GW of ingot and wafer production to strengthen its domestic solar supply chain capabilities.
The company intends to raise capital in phases and is reportedly close to securing ₹5 billion (about $56.9 million) from institutional investors in the coming weeks.
This large-scale expansion aligns with rising demand for solar components globally, particularly from the United States as it seeks to diversify supply chains. Investors reacted positively to the development, with Solex Energy’s stock moving higher in morning trade.
Stock at open (Oct 30):
• Current price: ₹1,509.70
• Previous close: ₹1,488.65
• Day range: ₹1,502.95 – ₹1,530.00
• Market cap: ₹16.29B
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