Solex Energy Signs ₹4,000 Crore Gujarat Clean Energy MoU

Mumbai, May 6: Solex Energy Limited signed a memorandum of understanding with the Government of Gujarat for a proposed ₹4,000 crore integrated solar cell and battery energy storage system manufacturing project, according to a company press release filed with the National Stock Exchange. 

Core Event 

The company informed the exchange that the proposed investment will support the development of a large-scale renewable energy manufacturing ecosystem in Gujarat. 

As per the company’s press release dated May 5, 2026, the project includes a 5 GW solar cell manufacturing facility and a 10 GW battery energy storage system (BESS) manufacturing facility. 

Solex Energy stated that the solar cell manufacturing project will be developed in phases, with Phase I capacity planned at 2 GW and Phase II at 3 GW. 

The MoU was signed by Vipul Shah, Director of Solex Energy Limited, and Swaroop P, IAS, Industrial Commissioner, Government of Gujarat. The signing ceremony was attended by senior central and state government officials, including Gujarat Chief Minister Bhupendra Patel and Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, according to the company release. 

The company said the proposed manufacturing ecosystem is expected to support employment generation, industrial growth and domestic renewable energy manufacturing capabilities. 

Stock Market Snapshot 

Solex Energy share price traded higher after the announcement regarding the Gujarat manufacturing investment proposal. The stock was quoted at ₹1,360.40 on the NSE, up 1.63% as of 10:19 AM IST on May 6, according to market data. 

The stock opened at ₹1,356.90 and touched an early high of ₹1,364.90 during morning trade. Investors monitored the development amid continued interest in renewable energy and domestic clean-tech manufacturing companies. 

Market participants also tracked the scale of the proposed investment and its potential contribution to India’s solar manufacturing supply chain. 

Company Background 

Solex Energy Limited is engaged in solar photovoltaic module manufacturing, EPC services and renewable energy solutions. The company operates a manufacturing facility at Tadkeshwar in Gujarat with installed photovoltaic module production capacity of 4 GW. 

The company stated that it has nearly three decades of experience in solar manufacturing and serves customers across government, PSU, industrial and international markets. 

According to the company, the proposed investment is aligned with its long-term strategy to expand into higher-value solar cell manufacturing and next-generation energy storage systems. 

Conclusion 

The proposed ₹4,000 crore Gujarat project marks a significant manufacturing expansion initiative for Solex Energy as India accelerates domestic renewable energy production capacity. 

Investors remained focused on project execution timelines, phased capacity additions and policy support for clean energy manufacturing, while the stock traded in positive territory during morning deals on May 6. 

Source: 

• https://www.nseindia.com/get-quote/equity/SOLEX/Solex-Energy-Limited 
• https://nsearchives.nseindia.com/corporate/SOLEX_05052026125426_Press_Release.pdf