Solarworld Energy Solutions has acquired a 50% equity stake in Rays Green Energy Manufacturing for ₹268.2 million (~$2.83 million) in the first tranche of its equity subscription. Rays Green Energy Manufacturing is Solarworld’s joint venture (JV) with Rays Power Infra.

Following the payment, Rays Green allotted 12,600 equity shares to Solarworld at an issue price of ₹21,287 (~$224.45) per share. The shares have a face value of ₹10 (~$0.11) each and carry a premium of ₹21,277 (~$224.34) per share.

With the allotment, Solarworld will hold 50% of Rays Green’s paid-up equity share capital, while Rays Power will hold the remaining half.

Solarworld will subscribe to additional equity shares worth up to ₹731.8 million (~$7.71 million) in accordance with the terms of the securities subscription agreement and JV agreement.

The development comes more than a month after Solarworld Energy Solutions and Rays Power Infra announced that they would set up a JV to establish a 2.4 GW solar cell manufacturing facility in Madhya Pradesh. The joint venture will establish, develop, construct, commission, and operate a solar cell manufacturing facility on approximately 41.3 acres at Mohasa, Babai, in Madhya Pradesh’s Narmadapuram district.

The agreement provides for a combined financial commitment of up to ₹5.2 billion (~$55.02 million), comprising equity subscriptions of up to ₹2 billion (~$21.16 million) from Solarworld and Rays Power and the proposed ₹3.2 billion (~$33.86 million) loan from Solarworld.

The project has an estimated cost of ₹10 billion (~$105.81 million). Of this, ₹4.2 billion (~$44.44 million) is proposed to be funded using unutilized proceeds from Solarworld’s initial public offering.

The facility will manufacture n-type TOPCon G12R solar cells. Commercial production is scheduled to begin in June 2027. Building construction is expected to be completed in January 2027.

In the first quarter of FY 2027, Solarworld Energy reported a revenue of ₹1.78 billion (~$18.62 million), up 121% year-over-year from ₹805.5 million (~$8.42 million).