Solarworld Energy Solutions Limited now holds 50% of Rays Green Energy Manufacturing Private Limited, the joint venture building a 2.4 GW solar cell plant at Mohasa in Narmadapuram district, Madhya Pradesh. The company said on 31 October 2026 that it paid ₹26.82 crore on 30 October as the first tranche of its equity subscription. Rays Power Infra Limited holds the other 50%. The step gives Solarworld, a solar engineering contractor and module maker, a direct stake in cell supply.
Key Details
Rays Green allotted 12,600 equity shares of ₹10 face value to Solarworld at ₹21,287 a share, including a premium of ₹21,277, on 31 October 2026. The balance equity subscription of up to ₹73.18 crore will follow under the agreements, and the company said the terms have not changed from its earlier intimation.
The disclosures of 7 September 2026 and 31 October 2026 set out the transaction:
- Solarworld’s equity commitment: up to ₹100 crore, of which ₹26.82 crore is the initial amount
- Proposed Solarworld loan to Rays Green: up to ₹320 crore, in tranches based on project needs, for a total Solarworld commitment of up to ₹420 crore
- Commitment from both partners: up to ₹520 crore, including ₹200 crore of equity split equally
- Estimated project cost: approximately ₹1,000 crore, or about ₹417 crore per GW
- Site: approximately 41.30 acres, leased from Madhya Pradesh Industrial Development Corporation
- Technology: TOPCon (tunnel oxide passivated contact) solar cells
- Targeted commercial production: June 2027
The latest filing does not say when the balance equity will be paid. The definitive loan agreement had not been signed when the terms were disclosed in September, and no amount had been disbursed. The company has not disclosed how the remaining ₹480 crore of the project cost will be funded.
Why the Plan Changed
The investment replaces an earlier plan. Solarworld’s prospectus of 25 September 2025 set aside issue proceeds for its subsidiary Kartik Solarworld Private Limited to help build a 1.2 GW TOPCon cell plant at Pandhurana, Madhya Pradesh. In September 2026 the board proposed moving that money to Rays Green, and shareholders approved the variation as a special resolution at the annual general meeting on 30 September 2026.
The company listed the expected benefits of the project. The 2.4 GW size is expected to bring economies of scale, and the site lies within a solar manufacturing cluster. Rays Green had already obtained consent to establish from the Madhya Pradesh Pollution Control Board, and construction has started. The project is also eligible for electricity at a subsidised tariff of approximately ₹4.30 a unit, the filing states.
Policy Backdrop
India’s Approved List of Models and Manufacturers (ALMM) covers cells as well as modules. Waaree Energies’ investor presentation of October 2026 describes List-I as covering modules and List-II as covering cells, with a List-III for wafers proposed from June 2028. Solarworld’s business update of 30 September 2026 adds that domestic content rules for solar projects apply from June 2026.
The company said that its own cells feeding the Roorkee module line would let it bid for domestic content projects such as PM-KUSUM, the farm solar scheme. The cells would also reduce its exposure to imported-cell prices. The update attributes lower margins in Q1 FY27 partly to higher costs for imported cells and metals and to rupee depreciation.
About the Companies
Solarworld Energy Solutions Limited is listed on the BSE and NSE. It operates a 1.55 GW TOPCon module line and a 5 GW junction box line at Roorkee, Uttarakhand, and has a 3.4 GW BESS (battery energy storage system) assembly line ready for product launch. In FY26, revenue from operations rose 152.6% to ₹1,376.2 crore and profit after tax rose 56.4% to ₹120.5 crore.
Rays Green was incorporated on 5 April 2022. It makes and trades renewable energy products and recorded turnover of ₹437.63 crore in FY 2025-26, up from ₹166.75 crore in FY 2024-25. It recorded no turnover in FY 2023-24. Rays Green is in the project implementation phase at Narmadapuram, where it signed a land lease deed on 4 March 2025.
The Company’s Recent Pipeline
- June 2026 quarter: Revenue from operations of ₹168.4 crore, up 146.8%, with profit after tax of ₹9.5 crore against ₹12.9 crore a year earlier.
- September 2026: Board approval of the joint venture and securities subscription agreements on 7 September 2026.
- September 2026: Shareholder approval on 30 September 2026 for the change in use of issue proceeds.
- September 2026: Order book of ₹3,154.8 crore at 30 September 2026, split 64% solar engineering and 36% BESS. This includes ₹409.76 crore for which the company is the lowest bidder and awaits a formal letter of award.
- September 2026: Bids of ₹20,018 crore submitted, according to the same update.
Outlook
The next steps are the balance equity payment, the signing of the loan agreement and the start of plant and machinery work, scheduled from October 2026. Utilities work is scheduled from November 2026, with buildings due by January 2027 and plant, machinery and utilities by May 2027. Commercial production is targeted for June 2027. Solarworld’s 30 September update lists the same date for the Narmadapuram line, which it describes as under execution.
Official Sources
- Solarworld Energy Solutions Limited – Update on Joint Venture: Subscription to Equity Shares of Rays Green (NSE, 31 October 2026): https://nsearchives.nseindia.com/corporate/SUNSHINE123_31102026172823_Update_on_Acquisition_of_Shares.pdf
- Solarworld Energy Solutions Limited – Outcome of Board Meeting and Joint Venture Disclosures (NSE, 7 September 2026): https://nsearchives.nseindia.com/corporate/SUNSHINE123_07092026230510_OutcomeofBM.pdf
- Solarworld Energy Solutions Limited – Key Business and Financial Updates (NSE, 30 September 2026): https://nsearchives.nseindia.com/corporate/SUNSHINE123_30092026185821_Intimation_Management_Update.pdf
- Solarworld Energy Solutions Limited – Voting Results of the 13th Annual General Meeting (NSE, 1 October 2026): https://nsearchives.nseindia.com/corporate/SUNSHINE123_01102026190820_Voting_Results_AGM.pdf
- Waaree Energies Limited – Investor Presentation (NSE, 28 October 2026): https://nsearchives.nseindia.com/corporate/WAAREE_28102026002950_InvestorPresentation_signed.pdf
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