Solex Energy Limited has informed the Exchange about Memorandum of Understanding (MoU) with the Government of Gujarat
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Solex Energy Limited has signed an MoU with the Government of Gujarat to establish a 5 GW Solar Photovoltaic Cell Manufacturing Plant and a 10 GW Battery Energy Storage System (BESS) facility in Gujarat. The solar plant will be developed in two phases — Phase I of 2 GW and Phase II of 3 GW. The total estimated project cost, including land and building, is approximately ₹4,000 Crore. The MoU does not involve any change in management, control, or ownership structure, and no financial restrictions or contingent liabilities are imposed on the company. This is a non-binding MoU at this stage.
The MoU signals a major expansion into solar PV manufacturing and battery storage, positioning Solex Energy in India's growing renewable energy sector. The ₹4,000 crore investment is substantial and, if fully executed, could significantly scale the company's operations and revenue potential. However, shareholders should note this is an MoU stage announcement — actual plant commissioning and capex outflow timelines remain unspecified.