Solex Energy to Invest $1.5 Billion in Solar Manufacturing, Targets U.S. Export Market.

Indian solar module maker Solex Energy plans to invest $1.5 billion over the next five years to expand its manufacturing operations and tap into the growing U.S. solar market, a senior company executive told Reuters recently.

The Gujarat-based company, which currently operates a 4-gigawatt (GW) solar module manufacturing facility, aims to scale up capacity to 10 GW. As part of its expansion strategy, Solex also plans to establish 10 GW of solar cell manufacturing and 2 GW of ingot and wafer production, strengthening its position across the solar value chain.

To support this ambitious growth, Solex will raise funds in multiple stages and is close to securing a 5 billion-rupee ($56.9 million) investment from institutional investors in the coming weeks.\

The company’s expansion aligns with India’s broader push to enhance domestic solar manufacturing and reduce reliance on imports, while positioning itself as a key supplier to global markets, particularly the United States.