Gautam Solar has unveiled plans to increase its solar panel manufacturing capacity to 5 GW by 2025. The company has also announced a $121.1 million PV cell expansion project, which will be funded through an initial public offering planned for the next 12 to 18 months.
“This expansion will take place in three phases, with the first phase completed in November 2024, followed by the second and third phases in January and April 2025, respectively,” the company said.
The new solar cell factory will enable Gautam Solar to meet India’s domestic content requirements, which are crucial for government-backed subsidy projects that require locally produced components.
Gautam Solar has already acquired a plot of land in Bhiwani, Haryana, for expansion of its solar panel manufacturing capacity. However, it said it is still open to considering other locations based on the overall ecosystem.
By vertically integrating its operations, the company says it will further expand its capabilities, building on its already operational solar module factory in Haridwar and an upcoming expansion of module production in Bhiwani.
New Delhi-based Gautam Solar is expanding its solar panel capacity to 3 GW by 2024-25 and to 5 GW by 2025-26.
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