INOXGFL Group plans big foray into solar energy

Delhi-based INOXGFL Group, operating in fluoropolymer, fluorochemicals, battery chemicals, wind turbines and renewables business segments, is foraying in a big way into solar energy.

Inox Solar, a privately held entity formed by the promoters to foray into the solar business, is targeting to set up an initial capacity of 5 gigawatts (GW) of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, at an outlined capex of ₹1,500 crore.

The company will also provide turnkey EPC solutions, including land acquisition and power evacuation, through its group company Inox Renewable Solutions (earlier known as Resco Global Wind Services). Additionally, it will offer post-commissioning operation and maintenance (O&M) services through another group company Inox Green Energy Services.

Inox Solar’s first solar module manufacturing unit with an initial capacity of 1.2 GW in Gujarat is expected to be operational by March 2025. The facility will manufacture TopCon modules, INOXGFL announced today.

"This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem. Our vision is to deliver comprehensive renewable solutions, supported by world-class manufacturing capabilities and turnkey services," says Devansh Jain, Executive Director of INOXGFL Group.

Inox Solar will supplement Inox Wind to provide comprehensive hybrid (wind + solar) renewable energy solutions to customers and 5 GW of plug-and-play power evacuation infrastructure in place is an added advantage for the group. The strategic foray into solar will complement INOXGFL’s wind business whereby making it a complete renewable energy solution business, he says.

Inox Solar aims to be a strong player in the 3rd party commercial and industrial (C&I) market where customers are looking to set up hybrid and round-the-clock renewable energy capacities and where Inox Wind has long-term relationships. It aims to become one of the fastest-growing solar platforms in the country, capitalising on the strong synergies and capabilities within the INOXGFL Group.

Integration with Inox Green Energy Services for the post-commissioning O&M of solar projects will lead to large-scale opportunities for Inox Green. Further, IGREL Renewables, the Group’s Renewables IPP platform which is setting up 3 GW of hybrid RE capacity, will provide large order visibility for Inox Solar, said INOXGFL.

INOXGFL Group is one of the deepest integrated business groups in India in the energy transition space -- having a presence across EV, energy storage, wind, solar, and green services, etc. Led by Chairman Vivek Jain, INOXGFL Group has four listed entities -- Gujarat Fluorochemicals Limited (GFL), Inox Wind Limited, Inox Green Energy Services Limited, and Inox Wind Energy Limited, with a market capitalisation in excess of $12 billion.