Indian solar module manufacturer Solex Energy will invest USD 1.5 billion over the next five years to expand its manufacturing capabilities, focusing on US exports.

Currently operating a four-GW module facility in Gujarat, Solex plans to scale up production to 10 GW and establish 10 GW of cell manufacturing, along with two GW for ingot and wafer production. The company aims to raise funds in stages, beginning with a Rs five billion institutional investment. Managing Director Chetan Shah emphasised the US market's potential, as it remains the world’s largest for solar products, with India positioned as a cost-effective alternative to Chinese products.

Solex is confident in its ability to serve the market by producing key components domestically. The company is also partnering with ISC Konstanz for R&D in solar cell technology to reduce reliance on China.