# Solex Energy Eyes US Module and Cell Manufacturing Under $1.5 Billion Plan to 2030

> Solex Energy plans US solar module and cell plants within a $1.5 billion investment roadmap to 2030, while targeting 10 GW of module capacity in India.

- Published: 2026-11-01T09:57:03+00:00
- Section: Expansion
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-01/solex-energy-us-solar-manufacturing-plan
- Source: [Business Standard](https://www.business-standard.com/companies/news/solex-energy-eyeing-us-market-for-international-debut-says-chairman-126110100351_1.html)

## Key takeaways

- Solex Energy plans to set up solar module and cell manufacturing in the US as part of a $1.5 billion investment roadmap through 2030.
- Solex Energy operates a 4 GW module facility in Gujarat and aims to raise capacity to 10 GW.
- Chairman Chetan Shah said the industry needs at least a 12-month extension of the ALMM-II framework on cell availability.

Solex Energy plans to establish solar module and cell manufacturing capacities in the United States as part of a $1.5 billion investment roadmap through 2030, chairman Chetan Shah told [Business Standard](https://www.business-standard.com/companies/news/solex-energy-eyeing-us-market-for-international-debut-says-chairman-126110100351_1.html). Shah, who is also managing director, said the US is the largest global solar market and that steep anti-dumping duties on Chinese imports leave India as the sole viable supplier of low-cost alternatives.

## Solex Energy's US Manufacturing Ambitions

Asked whether [Solex Energy](https://akta.pro/company-profiles/0009q63/solex-energy) is exploring US expansion, Shah replied in the affirmative. He said the company is targeting the US to capitalise on global demand for clean energy components and to position itself as a reliable, cost-effective alternative to Chinese suppliers. "The US is a high-potential market. While many Indian corporates are already present there, a healthy number of business houses, including us, are also looking to invest there," Shah told PTI.

Shah did not share details of the US projects due to regulatory compliance, but said the investments will be part of the $1.5 billion plan up to 2030. A team has been formed to study parameters including required investments and locations in the US. In India, Solex Energy operates a 4 GW module manufacturing facility in Gujarat and aims to increase capacity to 10 GW. It is also in the process of establishing 10 GW of cell manufacturing and 2 GW of ingot and wafer production.

## Gujarat Cell and Storage Plans on Record

According to akta.pro [company records](https://akta.pro/company-data), Solex Energy signed a ₹40,000 million memorandum of understanding with the Government of Gujarat in May 2026 to expand backward integration, including 5-GW solar cell and 10-GW battery energy storage system manufacturing facilities. The same records show a ₹4,000 crore Gujarat investment plan covering a 5 GW solar cell plant, split into a 2 GW Phase I and 3 GW Phase II, alongside the 10 GW storage project. Consolidated revenue for FY2026 ending March 31 was ₹16,211 million, up 143.9% year on year, and profit after tax was ₹983 million, up 132.7%.

## Policy Push Before the US Move

On October 25, 2026, Shah warned of strategic vulnerabilities in India's solar sector from heavy reliance on Chinese technology and urged extending the ALMM-II mandate and boosting PLI incentives, citing 37 GW of cell capacity against 262 GW of module capacity, Whalesbook reported. On August 13, 2026, Solex Energy added a listing on the Bombay Stock Exchange, with a target of 10 GW of module and cell capacity by 2030, ScanX reported. On September 3, 2026, the company said it had received work orders worth ₹74.77 crore for solar PV modules for execution by December 2026, Business Standard reported.

## ALMM-II Extension Sought

Shah said the industry is aligned with the objectives of the ALMM-II framework and has invested thousands of crore in Indian module capacity. He said the industry needs an extension of ALMM-II by at least 12 months on account of cell availability. As of October 2026, India had about 262 GW of module manufacturing capacity and only about 37 GW of cell capacity, he noted.

## Companies in this story

- [Solex Energy company profile](https://akta.pro/company-profiles/0009q63/solex-energy) · website: http://www.solex.in

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