Solex Energy Ltd has signed a memorandum of understanding (MoU) with the Government of Gujarat to establish an integrated renewable energy manufacturing ecosystem with a proposed investment of approximately ₹4,000 crore.

The project aims to significantly expand Gujarat’s clean-tech manufacturing ecosystem and strengthen India’s domestic renewable energy supply chain. Under the agreement, the company will develop a 5 GW solar cell manufacturing facility in multiple phases, along with a 10 GW Battery Energy Storage System (BESS) manufacturing unit.

The solar cell facility will be developed in two phases, with Phase I adding 2 GW capacity and Phase II contributing an additional 3 GW, enabling a scalable expansion aligned with market demand and policy support.

The 10 GW BESS manufacturing facility will support the growing need for energy storage infrastructure, which is becoming increasingly critical for integrating renewable power into the grid and ensuring energy reliability.

The project aligns with India’s broader clean energy goals, including boosting domestic manufacturing under the Make in India initiative, reducing import dependence on solar components and battery technologies, and strengthening long-term energy security.

Commenting on the development, Chetan Shah, Chairman and Managing Director of Solex Energy Ltd, said the investment will play a key role in strengthening the renewable energy value chain while supporting industrial growth and job creation.

He added that expanding into advanced solar cell and energy storage manufacturing is essential for building a resilient clean energy ecosystem and supporting both India’s and the global transition towards sustainable energy.

The investment is expected to generate employment opportunities, attract ancillary industries, and reinforce Gujarat’s position as a leading renewable energy manufacturing hub in India.