Solex Energy Targets ₹500 Crore QIP to Fund Major Expansion Plans.

Solex Energy Ltd, a listed solar panel manufacturer, plans to raise ₹1,500 crore through a Qualified Institutional Placement (QIP) and ₹1,000 crore in debt to fuel its next growth phase, Chairman Chetan Shah announced. The company, which recently migrated to the NSE main board with a market capitalisation of around ₹21,600 crore, aims to complete the equity raise within three months. A consortium led by the State Bank of India will finance the debt portion. Solex will invest ₹1,400 crore to establish a 2.2 GW solar cell manufacturing facility and expand its existing 4 GW module capacity by an additional 2.5 GW. The new cell plant, costing ₹1,200 crore, is expected to be completed by March 2027, while the expanded module line will come online earlier. By 2030, Solex targets 10 GW each in solar cell and module capacity, backed by a $1.5 billion investment plan.