#### **Company Overview** Solex Energy Limited, headquartered in Surat, Gujarat, is one of India’s most established and forward-thinking solar energy companies. Originally founded in 1995 as *Sun Energy Systems*, the company began with solar water heaters and expanded into solar photovoltaic (PV) module manufacturing in 2007. Rebranded as Solex Energy Pvt. Ltd. in 2014, it gained significant momentum with the launch of its state-of-the-art manufacturing facility in Tadkeshwar, Gujarat, in 2022. It was the first Indian solar brand to be listed on the NSE Emerge platform (stock code: **SOLEX**) in 2018 and is now migrating to the NSE Main Board, reflecting its growth and enhanced market credibility. Under the leadership of **Dr. Chetan Shah**, Managing Director and a recognized '100 Most Powerful Solar Leader' by *Solar Quarter*, Solex aims to become a fully integrated solar technology manufacturer and a global leader in renewable energy solutions. --- #### **Core Business Segments** Solex operates across three key verticals: 1. **Solar Module Manufacturing** 2. **EPC (Engineering, Procurement, and Construction) Services** 3. **Asset Management & O&M (Operations & Maintenance)** --- #### **1. Manufacturing & Capacity Expansion** - **Current Module Capacity:** - 4 GW nameplate capacity across four fully automated production lines, all commissioned by October 2024. - Module Lines 3 and 4 now enable Solex to operate at its full 1.5 GW annual nameplate capacity, with production ramp-up accelerating in H2 FY26. - Total module production capacity is set to reach **~4 GW by Q3 FY26 (September 2025)** through brownfield expansion. - **Future Expansion Roadmap (Vision 2030):** - Targeting **15 GW of solar module** and **5–10 GW of solar cell** manufacturing capacity by 2030. - Immediate goals include: - **2.5 GW additional module capacity** and **2.2 GW N-type TOPCon solar cell production line** by FY27. - Fully integrated module-cell manufacturing by 2030. - **Technological Advancements:** - Produces high-efficiency **P-Type Mono PERC**, **N-Type TOPCon**, and is preparing for **HJT (Heterojunction)**, **Back Contact (BC)**, and **tandem cell** technologies. - Launched **Tapi-R series**, **India’s first rectangular cell-based N-Type TOPCon module**, delivering up to **625 Wp** with **23.14% efficiency** and a **bifacial rate of ~80%**. - Production lines are flexible and upgradable to support M10/G12 wafers, 16-busbar designs, and future BC technology. - **Automation & Digital Integration:** - Fully automated, Industry 4.0-compliant plant powered by **AI, robotics, MES (Manufacturing Execution System)**, and **Big Data analytics**. - AI-driven quality control (AOI), predictive maintenance, and digital twins enhance precision and reduce defects. - One of the few Indian manufacturers using a full-fledged MES, ensuring traceability and compliance—highly valued by global IPPs and OEMs. - **In-House Testing & Certification:** - Houses a state-of-the-art **reliability test lab** (EL, flash, damp heat, UV, PID), reducing dependency on third-party certification bodies and shortening lead times. - Achieved **MCS 005 BSI Kitemark certification**—a first among Indian PV module manufacturers—enabling export access to the **UK, EU, UAE, and Commonwealth nations**. - ALMM and BIS certified, ensuring eligibility for Indian government projects. --- #### **2. Vertical Integration & Cell Manufacturing Initiative** - Solex is transitioning from a module-only player to a **vertically integrated solar manufacturer**. - Actively developing a **2 GW N-Type TOPCon solar cell production line**, with plans to expand to **10 GW by 2030**. - Strategic collaboration with **ISC Konstanz, Germany**, a global pioneer in **Back Contact (BC)** solar cell technology. - Joint R&D partnership to develop India’s first **Rear Contact (BC)** solar cell and module (named **TAPI Rear Contact – TRC**). - ISC Konstanz will support ramp-up efficiency and technology transition from TOPCon to BC. - Solex will access ISC’s patent portfolio and establish an in-house R&D production line. - **Infrastructure & Resources:** - Two sites shortlisted for the cell plant with requirements for: - 5 GW power availability. - Water supply of 2–5 MLD using **dual sourcing (canal + groundwater)**. - Full design and planning complete; funding discussions with financial institutions at an advanced stage. --- #### **3. Market Position & Global Presence** - **OEM Leadership:** - Trusted OEM partner for **leading global brands**, including **JINKO (China), AXITEC (Germany), Enbekon-GmbH (Africa)**. - Produces modules for **~22 domestic and 2 international brands** under job work and material collaboration. - Only non-Chinese OEM certified by a top Chinese solar brand to match their production quality standards. - **Export Strategy:** - Active exports to **Europe, North America, Middle East, Africa**, and soon the **U.S. market**. - Positioned to benefit from U.S. sanctions on Chinese solar imports and supply chain diversification trends. - Plans to enter the **U.S. market post-2025**, once 4 GW capacity is achieved. - **Domestic & Institutional Clients:** - EPC projects executed for **AMUL, IIM Ahmedabad, Torrent Power, ONGC, BIS, Airport Authority of India, Vatsalaya Paper, Sonali Dying, and Inorbit Mall**. - A subsidiary, **Solex Green Energy**, handles private-sector EPC and C&I projects. - Serves over **10,000 projects** across residential, commercial, industrial, and utility segments. --- #### **4. Financial & Operational Performance** - **Order Book:** Over **₹4,000 crores** as of September 30, 2025, including **₹100 crores from EPC projects**. - **Production Milestones:** - Monthly production of **65,000+ modules**. - Record daily throughput achieved on advanced production lines. - **Inventory & Revenue:** - Inventory build-up in H1 FY26 due to extended monsoon delays in project site readiness. - Revenue growth expected to accelerate in H2 FY26 as deliveries resume. - **Capex Plans:** - ~₹1,500 crores for **2.5 GW module + 2.2 GW cell expansion** (FY25–FY27). - Funding: ₹1,000 crores debt + ₹500 crores equity. - Additional future capex exceeding **$1.5 billion (₹12,750 crores)** by 2030. --- #### **5. Operational Advantages & Sustainability** - **Strategic Location:** - Plant in **Tadkeshwar, Gujarat**, near major ports: **Hazira, Mundra, Nhava Sheva**—enabling efficient logistics for raw material import and module export. - **Modular, Scalable Design:** - Allows phased expansion with lower capital intensity and faster execution. - **Sustainability Initiatives:** - Reducing silver usage, energy intensity, and developing **low-carbon modules**. - Plans to meet **25–30% energy needs via captive solar power**. - Focus on **recyclable packaging** and eco-friendly production processes. --- #### **6. Strategic Collaborations & Partnerships** - **Technology & Equipment:** - Collaborated with **Zhuhai Gmee (China)** for advanced module line technology. - In discussions with equipment suppliers from **China and Germany** for cell manufacturing. - **R&D:** - MoU with **ISC Konstanz (Germany)** for BC and tandem cell development. - Evaluating **perovskite technology** and advanced materials for next-gen modules. - **Government & Incentives:** - Benefits from **Production-Linked Incentive (PLI)** and **ALMM policy**, favoring domestic manufacturing. - 249 module models listed on ALMM—the **highest in India**, ensuring dominance in government tender projects. --- #### **7. Workforce & Social Impact** - Employs over **600 people**, with **60% from tribal communities** near Surat. - Committed to local skill development via partnerships with **ITIs** and internal certification programs. - Focus on training workers for advanced automation, AI, and robotics.