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BEE Extends Solar Module Star Ratings Until December 31, 2026

Karnataka High Court Quashes KERC’s Captive Status Verification Procedure


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					</table><p>India’s solar market is gradually transitioning from a phase primarily driven by capacity additions to one increasingly centered on execution readiness and system integration. Demand continues to rise across rooftop, commercial and industrial (C&amp;I), distributed solar, and utility-scale projects. However, developers are now required to plan more comprehensively for storage integration, inverter availability, land readiness, grid connectivity, mounting structure quality, and domestic supply chain reliability.</p>
<p>Industry experts feel that in states such as Rajasthan, where solar potential remains high, but voltage fluctuations, rising land costs, and project execution challenges persist, the next phase of industry growth will depend heavily on how quickly supporting infrastructure and operational ecosystems mature.</p>
<p><strong>Growth of Hybrid Inverters and Battery Storage</strong></p>
<p>Pratibha Sharma, Head of Sales and Marketing for North India at <a href="https://www.deyeinverter.com/" target="_blank" rel="noopener">Ningbo Deye New Energy</a>, said, “Demand for hybrid inverters and battery-backed solar solutions has been rising as customers across homes, schools, colleges, commercial units, and industries seek reliable power backup. Service has become the backbone of the solar industry, with customers increasingly  evaluating not just pricing, but also long-term product quality, warranties, after-sales support, and installation reliability.”</p>
<p>Hybrid inverters are gaining traction because users want to reduce dependence on diesel generators and manage power outages more effectively.</p>
<p>Sharma said Deye supplies hybrid inverters ranging from 3 kW to 80 kW, with five-year inverter warranties and 10-year battery warranties.</p>
<p>Demand for hybrid inverters and battery energy storage systems is rising rapidly across both residential and commercial segments to provide backup power, manage high nighttime electricity tariffs, and replace diesel generators.</p>
<p>Sharma added that rooftop solar demand has increased sharply, especially in the residential segment, and inverter suppliers are struggling to keep pace with sudden spikes in demand. “Project developers often complete module and structure installation but face delays when inverters are unavailable, making procurement planning increasingly critical.”</p>
<p><strong>Rise of Distributed Solar and Agrivoltaics</strong></p>
<p>Speaking about land optimization for solar projects, Harshal Akhouri, Co-founder at <a href="https://strolar.com/" target="_blank" rel="noopener">Strolar India</a>, said land optimization has become central to solar project economics. Over the past three to four years, land costs in high-energy corridors have increased by 20% to 30%, pushing developers to pursue higher capacity utilization factors and greater energy density from available land parcels.</p>
<p>Akhouri noted that distributed projects often suffer when even a small portion of land remains unavailable, directly affecting commissioning schedules and project revenues.</p>
<p>He emphasized that tracker design must account for local land conditions, terrain, contouring requirements, grading costs, and weather patterns rather than relying on standardized imported systems with fixed row configurations.</p>
<p>He added that Strolar develops adaptable mounting systems designed for varying land parcels and project requirements. For distributed solar and PM-KUSUM projects, pre-assembled, readily deployable systems can reduce installation timelines and reliance on on-site skilled labor.</p>
<p>Discussing agrivoltaics, Akhouri said, “Mounting systems must support both power generation and agricultural activities. Developers need to design systems around crop type, sunlight requirements, shade patterns, clearance, tilt angles, and long-term maintenance access.”</p>
<p>He also highlighted the growing use of ground screws in agrivoltaic projects because they reduce curing time and shorten installation schedules. Unlike concrete foundations, which may affect soil pH and fertility, ground screw systems can be removed at the end of the project lifecycle, helping preserve agricultural land quality. Ground screw systems can also significantly accelerate installation timelines, enabling earlier project commissioning and improving overall project economics.</p>
<p><strong>Cell Manufacturing to Grow</strong></p>
<p>Indian solar module manufacturers are increasingly pursuing backward integration strategies to strengthen supply chains, expand domestic capacity, and reduce the widening gap between domestic supply and market demand.</p>
<p>Mohammad Hussain Khan, AGM-Sales at <a href="https://insolationenergy.in/" target="_blank" rel="noopener">Insolation Energy</a>, said the June 2026 implementation timeline for the Approved List of Models and Manufacturers (ALMM) List II would ultimately benefit the domestic industry, although the transition could create short-term disruptions because supply and demand remain misaligned.</p>
<p>India’s cumulative cell manufacturing capacity <a href="https://www.mercomindia.com/india-added-119-gw-solar-module-and-9-gw-cell-capacity-in-2025" target="_blank" rel="noopener">stood</a> at around 27 GW at the end of 2025, compared to the annual demand of nearly 60 GW. However, Khan said, continued government support is expected to gradually bridge this gap.</p>
<p>Khan added that Insolation Energy is working toward deeper vertical integration, including expansion into aluminum frame manufacturing and solar cell production. The company plans to establish 12,000 metric tons of aluminum-frame capacity and a 4.5 GW cell line, with the cell manufacturing line expected to commence operations within the current calendar year.</p>
<p>India’s 2030 clean energy ambitions will require annual renewable energy capacity additions of around 50 GW. However, transmission infrastructure, load availability, land acquisition, skilled workforce, and standardization of mounting systems continue to remain key industry challenges.</p>
<p>Experts believe that land availability and evacuation readiness should be treated as prerequisites in project planning and detailed project reporting, rather than as issues addressed later in execution.</p>
<p>These discussions were part of Mercom India’s <a href="https://www.mercomindia.com/event/re-buyer-seller-meet-2026-jodhpur" target="_blank" rel="noopener">RE Buyer-Seller Meet in Jodhpur</a>. The next Buyer-Seller Meet will be <a href="https://www.mercomindia.com/event/buyer-seller-meet-2026-bengaluru" target="_blank" rel="noopener">held</a> in Bengaluru on July 24, 2026.</p>
<p>Mercom is also <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026" target="_blank" rel="noopener">hosting</a> the sixth edition of its Renewables Summit, the largest conference in the sector, on July 1 and 2 this year at the Hyatt Regency, New Delhi.  It brings together diverse stakeholders who are shaping India’s renewable energy industry.</p>


India’s Solar Growth Shifts Focus to Storage, Land Readiness, and Grid Connectivity


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					</table><p>Jaipur-based solar module manufacturer <a href="https://insolationenergy.in/" target="_blank" rel="noopener">Insolation Energy</a> posted revenue of ₹7.92 billion (~$83.12 million in the fourth quarter (Q4) of the financial year (FY) 2026, up 99.9% year-over-year (YoY) from ₹3.96 billion (~$41.59 million).</p>
<p>Robust demand across the utility-scale, commercial and industrial (C&amp;I) segment, rooftop, and government-led renewable energy projects fueled the revenue growth.</p>
<p>Profit after tax increased 64.8% YoY to ₹698.40 million (~$7.33 million) from ₹423.90 million (~$4.45 million).</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 91.2% YoY, rising to ₹1.09 billion (~$11.44 million) from ₹570.70 million (~$5.99 million).</p>
<p>Vikas Jain, Managing Director at Insolation Energy, said, “Our ongoing solar cell and aluminum frame expansion projects represent a major step toward backward integration and long-term competitiveness. With automation-led manufacturing and a growing market presence, we remain confident of sustaining growth momentum while strengthening margins and operational efficiencies over the coming years.”</p>
<p><strong>Financial Year 2026</strong></p>
<p>The company posted revenue of ₹21.64 billion (~$226.95 million) in FY 2026, up 61% YoY from ₹13.44 billion (~$140.95 million).</p>
<p>Insolation reported a profit after tax of ₹2.01 billion (~$21.05 million) for the full year, up 59.8% YoY from ₹1.26 billion (~$13.17 million).</p>
<p>EBITDA grew 76.5% YoY, rising to ₹3.05 billion (~$31.95 million) from ₹1.73 billion (~$18.10 million).</p>
<p><strong>Business Highlights</strong></p>
<p>Insolation expanded its installed module manufacturing capacity to 5.5 GW, supported by ramp-up at its INA3 manufacturing facility.</p>
<p>It continued its progress on its strategic backward integration roadmap by developing a 4.5 GW TOPCon solar cell manufacturing facility and an 18,000 MTPA aluminum frame manufacturing facility in Narmadapuram, Madhya Pradesh.</p>
<p>The company expanded its portfolio across Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan-linked projects and continued to expand its independent portfolio to ~400 MW.</p>
<p><strong>Outlook</strong></p>
<p>Going forward, the company’s focus will be on commissioning and ramping up the integrated solar cell and aluminium frame manufacturing facilities.</p>
<p>The company plans to expand its presence across utility-scale, rooftop, C&amp;I, and government-led solar programs and increase its focus on value chain integration to strengthen cost competitiveness and long-term margin sustainability.</p>
<p>It will continue strengthening execution visibility through order inflows, channel expansion, and participation in strategic projects.</p>
<p>In the first half of FY 2026, Insolation Energy <a href="https://www.mercomindia.com/insolation-energy-revenue-up-1h-fy-2026" target="_blank" rel="noopener">reported</a> revenue of ₹7.76 billion (~$81.41 million), up 25.62% YoY from ₹6.18 billion (~$64.83 million).</p>


Insolation Energy’s Revenue Doubles in Q4 FY 2026 on Higher Solar Demand


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					</table><p>Jaipur-based solar module manufacturer <a href="https://insolationenergy.in/" target="_blank" rel="noopener">Insolation Energy</a> reported a revenue of ₹7.76 billion (~$87.57 million) in the first half (1H) of the financial year (FY) 2026, an increase of 25.62% year-over-year (YoY) from ₹6.18 billion (~$69.74 million).</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a YoY growth of 30.62%, rising to ₹1.14 billion (~$12.75 million) from ₹871.2 million (~$9.83 million).</p>
<p>Profit after tax increased by 23.53% to ₹800.6 million (~$9.03 million) from ₹648.1 million (~$7.31 million).</p>
<p>The earnings per share (EPS) also increased to ₹3.63 (~$0.034) from ₹3.11 (~$0.035).</p>
<p>“Our performance in H1 FY26 is a testament to our commitment to innovation, quality, and sustainable energy solutions. With the growing demand for solar energy and our ongoing capacity expansion, including our upcoming 7 GW solar module, 4.5 GW solar cell, and 18,000 MTA aluminium frame manufacturing facilities. We are confident of delivering even stronger results in the coming quarters,” said Manish Gupta, Chairman at Insolation Energy.</p>
<p>The company operates three manufacturing facilities in Jaipur with a combined annual capacity of 5.5 GW.</p>
<p>In September this year, the Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-approves-%E2%82%B911-34-billion-loan-to-insolation-green-energy/" target="_blank" rel="noopener">approved</a> a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of Insolation Energy, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh.</p>
<p>In August, the company <a href="https://www.mercomindia.com/insolation-energy-breaks-ground-on-4-5-gw-solar-cell-facility" target="_blank" rel="noopener">broke</a> ground on the manufacturing plant for solar cells and an 18,000 MT aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh.</p>
<p>INA Solar <a href="https://www.mercomindia.com/ina-solar-commissions-4-5-gw-solar-module-plant-in-rajasthan" target="_blank" rel="noopener">operationalized</a> a 4.5 GW solar module manufacturing plant at the Sawarda village in Rajasthan’s Jaipur district in September. With the commissioning of this plant, INA Solar has expanded its manufacturing capacity to 5.5 GW.  The facility, spread over 600,000 sq ft, manufactures TOPCon modules.</p>
<p>Insolation Energy had <a href="https://www.mercomindia.com/insolations-revenue-up-58-yoy-in-2h-fy-2025-due-to-market-expansion/" target="_blank" rel="noopener">reported</a> a 58.35% YoY growth in revenue to ₹7.3 billion (~$85.56 million) in the second half of FY 2025 from ₹4.61 billion (~$54.03 million).</p>


Solar Module Manufacturer Insolation Energy’s Revenue Up 26% in 1H FY 2026


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					</table><p>Rajasthan had about 2.4 GW of solar open access as of June 2025, making it one of India’s top states, with roughly 9.8% of the country’s total solar capacity. The state also held the largest open access pipeline, around 10.2 GW as of June 2025, mostly standalone solar at ~80%, solar plus storage at ~10%, and solar–wind hybrids at ~9%.</p>
<p>Policy is also pushing for storage as green energy open access projects above 5 MW must include batteries sized for at least two hours of generation or 5% of project capacity. Charge relaxations or exemptions apply when energy is supplied from a storage source. These relaxations refer to waivers or reductions of the grid/open access fees for energy delivered from a storage system.</p>
<p>Deepak Jain, Chief Technical Officer of <a href="https://insolationenergy.in/" target="_blank" rel="noopener">Insolation Energy</a>, attests to Rajasthan’s suitability for open access projects. Strong irradiation, large tracts of non-fertile land suitable for utility-scale plants, and the ability to utilize interstate transmission are contributory factors.</p>
<p>He said that cement, steel, textiles, and ceramics are shifting towards renewables to control costs and achieve long-term stability. Roadblocks remain, including grid upgrades within the state and on the ISTS, lengthy approval cycles, and a shortage of skilled manpower across manufacturing and EPC as deployments scale.</p>
<p>Himanshu Chandrakar, Chief Marketing Officer of <a href="https://altilium.eco/" target="_blank" rel="noopener">Altilium Energie</a>, stated that buyers must first verify that the state has truly implemented green open access for solar energy before checking for eligibility. Under green energy open access, several states now allow 100 kW. Buyers must also assess commercial viability, as the primary objective is to reduce power costs. “Sustainability and economics now go together.”</p>
<p>Implementation is where most C&amp;I consumers weigh capital expenditure (capex) against operating expenditure (opex). Open access is operationally more complex than rooftop, and rules can change fast, so many prefer opex. Buyers must keep practical considerations in mind. For instance, some developers avoid loan-burdened or certain manufacturing profiles. Many insist on a minimum credit rating, and a long list of seven often becomes a shortlist of three serious options.</p>
<p>Next come tariff and term negotiations, bank guarantees and security, and technical readiness checks, including metering, site infrastructure, and the daily monitoring and settlement cadence that differs from rooftop. Structurally, buyers choose among third-party, captive, and group captive insurance options. Rajasthan’s battery rule suggests a shift towards more solar with storage and hybrids. Buyers are also testing creative pairing. For example, a pure-solar PPA with a separately contracted battery may be preferable if the prices are favorable.</p>
<p>Rahul Makahaniya, Chief Marketing Officer of <a href="https://www.soleosenergy.com/" target="_blank" rel="noopener">Soleos Energy</a>, said renewable purchase obligations and related mandates are tightening. In energy-intensive industries, a defined percentage of energy must come from renewable sources. “How you meet this, through captive, third-party, or group captive, is your choice, but compliance isn’t optional. Strategically, it’s like locking electricity on predictable terms for 15–25 years.”</p>
<p>For captive use, with a debt-to-equity ratio of roughly 70% and 30%, the landing cost would be ₹1.75 (~$0.020)–₹2 (~$0.023)/kWh in Rajasthan. Against a typical grid landing cost of ₹8.10 (~$0.091)–₹8.15 (~$0.092)/kWh including demand charges, “you’re saving roughly ₹6 (~$0.068)/kWh.” In a 1 MW example, the annual savings would be approximately ₹18.2 million (~$205,082), depending on the units generated.</p>
<p>For third-party PPAs, buyers often see ₹3 (~$0.034)–₹4 (~$$0.045)/kWh, depending on the tenor and risk, but must also add open-access charges and the cross-subsidy surcharge, which can increase the all-inclusive landed cost. The upside is no capital outlay. “You post the roughly three-month bank guarantee, pay as you go, and the developer carries asset and operational risk. Many buyers invest small amounts per MW, around ₹7 million (~$78,878) for 2 MW, and then secure lower all-in tariffs than those offered through a third-party PPA.</p>
<p>Makhaniya emphasized that PPA clauses make or break the economics. The focus should be on tariff and escalation, banking and scheduling, change-in-law, SLAs tied to availability or CUF, curtailment, termination, security, metering, and settlement timelines. Buyers must understand lock-ins, such as 15-year terms, and offtake obligations, including the risk of paying for shortfalls if demand falls below the contracted energy level.</p>
<p>These opportunities were <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2025-jaipur" target="_blank" rel="noopener">deliberated</a> in detail at Mercom’s C&amp;I Clean Energy Meet in Jaipur recently.</p>
<p>Jain said adopters report significant savings compared to grid tariffs and value price certainty. ESG reporting becomes simpler, and export competitiveness improves as global buyers increasingly prefer suppliers that use renewable energy. Challenges remain, especially in predictable policy, faster approvals, and skills development.</p>
<p>On timing, he argued that both cost and technology favor an early move. “We started way back around 2011 at ₹180 (~$2.03 million) –₹185 million (~$$2.08 million)/MW, and today installed costs are roughly ₹25 million (~$281,705) –₹35 million ($394,388)/MW depending on components and site.” Technology has also moved. “Module efficiencies have moved beyond 22%, and with TOPCon/HJT and tandem approaches, more than 25% at the module level is plausible,” which boosts yields and long-term economics. “Locking 15–25 years of power-price stability is hard to replicate with any other input.”</p>
<p>Looking ahead, Chandrakar said contracts are being signed in Rajasthan. “In the next year, more than 1,000 MW of PPAs could be signed,” and over the next two to three years, contracted capacity in Rajasthan could move toward ~3,000 MW as the market expands from obvious early adopters to a broader C&amp;I base.</p>
<p>On storage, Makahaniya described Rajasthan’s policy as one of the most aggressive for open access and said interest is rising. He mentioned tenders or interests discussed in 1,000–2,000 MW chunks. Sizing depends on the use case, load shape, price spreads, and grid constraints, so storage can shift solar generation from non-peak to peak periods.</p>
<p>He pointed to peak windows such as 06:00–10:00 and 18:00–22:00 and noted that some rules may not allow banking during peak times. Storage enables buyers to match their supply to their working patterns and capture peak-price arbitrage. Policy incentives, such as charge relaxations or exemptions for storage-backed supply, improve viability even though batteries increase capital expenditure.</p>


Rajasthan Well Suited for Green Energy Open Access Projects


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					</table><p>Insolation Green Energy, a wholly owned subsidiary of <a href="https://insolationenergy.in/">Insolation Energy</a>, has broken ground on its 4.5 GW solar cell and 18,000 metric ton (MT) aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh.</p>
<p>The project, spread across 45 acres, represents an investment of about ₹16 billion (~$182.69 million). It will be the company’s fourth manufacturing facility and the first to be established outside Rajasthan.</p>
<p>According to Manish Gupta, Chairman and Whole-Time Director at Insolation Energy, the new facility will significantly enhance the company’s capacity to meet rising demand across India.</p>
<p>The company has also started commercial <a href="https://www.mercomindia.com/insolation-energy-breaks-module-facility-in-jaipur/" target="_blank" rel="noopener">production</a> at its solar module manufacturing plant in Jaipur, Rajasthan. The facility has an annual capacity of 3 GW of n-type and ToPCon solar modules and 12,000 MT of aluminum frames. Insolation Energy’s total operational solar module manufacturing capacity has reached 4 GW.</p>
<p>Cumulatively, the company aims to expand its manufacturing capacity to 8 GW of solar modules, 3 GW of solar cells, and 54,000 MT of aluminum frame manufacturing capacity by financial year 2027.</p>
<p>The Ministry of New and Renewable Energy has <a href="https://www.mercomindia.com/list-ii-for-solar-cells-into-force-from-june-2026" target="_blank" rel="noopener">included</a> solar cells in the Approved List of Models and Manufacturers (ALMM) List-II. It will be effective from June 1, 2026. The first ALMM List-II, with nine domestic manufacturers with a cumulative annual production capacity of 13,067 MW, was <a href="https://www.mercomindia.com/mnre-releases-almm-list-ii-for-solar-cells-with-a-capacity-of-13-gw" target="_blank" rel="noopener">published</a> earlier this month.</p>
<p>Government projects mandated to use solar modules from the ALMM List-I for solar modules have been exempted from complying with ALMM List-II, if the bid submission deadline is on or before the cut-off date, which will be effective from September 1, 2025.</p>
<p>India added 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in calendar year 2024, according to Mercom’s <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2025" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 2025</a> report.</p>


Insolation Energy Breaks Ground on 4.5 GW Solar Cell Facility


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					</table><p>Jaipur-based solar module manufacturer<a href="https://insolationenergy.in/" target="_blank" rel="noopener"> Insolation Energy</a> has been allotted 45 acres of land by the Madhya Pradesh government to establish a solar manufacturing facility.</p>
<p>The proposed facility will have 3 GW solar cell manufacturing, 4 GW solar module manufacturing, and 24,000 metric tons (MT) aluminum frame manufacturing capacity.</p>
<p>This project will be executed by INA’s subsidiary, Insolation Green Energy, in the Power and Renewable Energy Equipment Zone in Narmadapuram, Madhya Pradesh. The project will be implemented in two phases and require a total investment of ₹18 billion (~$211.98 million). The new manufacturing unit marks INA’s first facility outside Rajasthan and its fourth overall.</p>
<p>The expansion aligns with INA’s aim of scaling its manufacturing operations to achieve a consolidated revenue target of ₹80 billion (~$942.14 million).</p>
<p>The company recently <a href="https://www.mercomindia.com/insolation-energy-preferential-issue-of-equity-shares/" target="_blank" rel="noopener">raised</a> ₹4.02 billion (~$47.8 million) through preferential allotment to fund its third manufacturing facility in Rajasthan. Scheduled for completion by April 2025, this facility targets increasing the company’s solar module manufacturing capacity from 1 GW to 4 GW and adding 12,000 MT of aluminum frame production.</p>
<p>INA was one of six companies <a href="https://www.mercomindia.com/rajasthan-winning-bidders-rooftop-solar" target="_blank" rel="noopener">awarded</a> a letter of allocation to develop 1.5 MW of rooftop solar projects each in Rajasthan. This allocation is part of a larger initiative by the Rajasthan Renewable Energy Corporation to establish grid-connected rooftop solar systems of 45 MW capacity across the state.</p>
<p>In July, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-solar-module-capacity-to-almm" target="_blank" rel="noopener">added</a> a capacity of 187 MW of INA’s solar modules to the Approved List of Models and Manufacturers.</p>
<p>The company’s products are used in government programs such as the Jal Jeevan Mission, PM-Kusum, and PM Surya Ghar: Muft Bijli Yojana.</p>
<p>According to the <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2024" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 2024</a> report by Mercom India Research, India added 20.8 GW of solar module capacity and 3.2 GW of solar cell capacity in 2023.</p>


Insolation Energy to Set Up 7 GW Solar Manufacturing Facility in Madhya Pradesh


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					</table><p>Jaipur-based solar module manufacturer <a href="https://insolationenergy.in/">Insolation Energy</a> reported a revenue of ₹6.18 billion (~$72.64 million) in the first half (1H) of the financial year (FY) 2025, an increase of 118% year-over-year (YoY) basis.</p>
<p>The company noted that with the fall in solar cell and module prices, it maintained and improved gross spreads, resulting in profit margin expansion. No single customer constitutes more than 5% of its revenue.</p>
<p>The company’s EBITDA saw a YoY growth of 172%, rising to ₹810 million (~$9.59 million) from ₹297.5 million (~$3.52 million).</p>
<p>Net profit after tax was up 307% YoY, soaring to ₹612.7 million (~$7.26 million) from ₹150.3 million (~$1.78 million).</p>
<p>The earnings per share (EPS) also surged from ₹7.22 (~$0.086) to ₹29.41 (~$0.35).</p>
<p>Insolation Energy recently <a href="https://www.mercomindia.com/insolation-energy-preferential-issue-of-equity-shares" target="_blank" rel="noopener">announced</a> plans to raise ₹4.02 billion (-$47.8 million) through a preferential allotment of 1.22 million equity shares to non-promoter entities. The shares will be issued at a price of ₹3,287 ($39.12) per share, including a premium of ₹3,277 (-$39).  The preferential allotment will be made to 117 non-promoter entities, diversifying the company&#8217;s investor base.</p>
<p>The company has two subsidiaries &#8211; Insolation Green Energy and Insolation Green Infra- that are engaged in solar module manufacturing and installation and maintenance of solar projects.</p>
<p>Last month, Insolation Green Energy <a href="https://www.mercomindia.com/insolation-energy-breaks-module-facility-in-jaipur" target="_blank" rel="noopener">broke</a> ground on its 3 GW solar photovoltaic module facility and a 12,000 MTA aluminum frame plant in Sawarda, Jaipur, Rajasthan. The company said it is investing ₹4 billion (-$47.6 million) in its third manufacturing facility.</p>
<p>This facility is set to become operational by March 2025, bringing the company&#8217;s total solar module capacity to 4 GW. Additionally, as part of Phase 1, they plan to launch 1.5 GW of solar cell manufacturing by March 2026.</p>
<p>In July, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-solar-module-capacity-to-almm" target="_blank" rel="noopener">added</a> a capacity of 187 MW of Insolation Energy&#8217;s solar modules to the Approved List of Models and Manufacturers.</p>
<p>In October 2024, in one of the largest project awards, Insolation Energy won the bid to install 77 MW of rooftop solar systems on the state government buildings in Rajasthan under hybrid annuity mode for Ajmer, Jaipur, and Kota districts. The contract value of ₹5.005 billion (~$49.3 million) was awarded to Insolation by Rajasthan Renewable Energy Corporation. During the same month, Insolation also received an order from Zetwerk Manufacturing to supply 150 MW of 550 W solar modules for its project at the NTPC Khavda Gujarat site.</p>


Solar Module Manufacturer Insolation Energy’s Revenue Up 118% YoY in 1H FY25


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					</table><p>Jaipur-based solar module manufacturer Insolation Energy (<a href="https://insolationenergy.in/" target="_blank" rel="noopener">INA</a>) has announced plans to raise ₹4.02 billion (~$47.8 million) through a preferential allotment of 1.22 million equity shares to non-promoter entities.</p>
<p>The shares will be issued at a price of ₹3,287 (~$39.12) per share, including a premium of ₹3,277 (~$39).</p>
<p>The preferential allotment will be made to 117 non-promoter entities, diversifying the company&#8217;s investor base.</p>
<p>The move is subject to shareholder approval, which will be sought at an Extraordinary General Meeting scheduled for November 13, 2024.</p>
<p>Among the largest allottees are <a href="https://www.brightviewmc.com/" target="_blank" rel="noopener">Brightview Management Consultancy</a> (1,36,900 shares), NAV Capital VCC-Nav Capital Emerging Star Fund (1,35,000 shares), and Bengal Finance &amp; Investment (1,21,600 shares).</p>
<p>These new shares will constitute about 5.65% of the company&#8217;s expanded equity base post-allotment.</p>
<p>The capital infusion is expected to strengthen IEL&#8217;s financial position and support its growth initiatives in the renewable energy sector.</p>
<p>Last month, Insolation Green Energy, a wholly owned subsidiary of Insolation Energy, <a href="https://www.mercomindia.com/insolation-energy-breaks-module-facility-in-jaipur" target="_blank" rel="noopener">broke</a> ground on its 3 GW solar photovoltaic module facility and a 12,000 MTA aluminum frame plant in Sawarda, Jaipur, Rajasthan. The company said it is investing ₹4 billion (~$47.6 million) in its third manufacturing facility.</p>
<p>Earlier, Insolation Energy was one of six companies <a href="https://www.mercomindia.com/rajasthan-winning-bidders-rooftop-solar" target="_blank" rel="noopener">awarded</a> a letter of allocation to develop 1,500 kW of rooftop solar projects each in Rajasthan. This allocation is part of a larger initiative by the Rajasthan Renewable Energy Corporation to develop 45 MW of grid-connected rooftop solar systems across the state.</p>
<p>In July, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-solar-module-capacity-to-almm" target="_blank" rel="noopener">added</a> a capacity of 187 MW of Insolation Energy’s solar modules to the Approved List of Models and Manufacturers.</p>
<p>Insolation Energy’s products are used in government programs such as the Jal Jeevan Mission, PM-Kusum, and PM Surya Ghar: Muft Bijli Yojana.</p>


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