India's leading quality solar PV module manufacturer plans to invest $600 million

On 26^th September 2022, the Managing Director of the Gujarat-India headquartered Goldi Solar, Ishver Dholakiya, said that India’s leading quality solar PV module manufacturer is planning to invest around $600 million (INR 5,000 crore) by 2025 to proliferate its module manufacturing capacity to 6 gigawatts.

Dholakiya added, "At present, the total module manufacturing capacity of its plants in Pipodara and Navsari, Gujarat is 2.5 gigawatts (GW)."

During the launch of HELOC Plus (high-efficiency low on carbon) module series with Heterojunction technology, the MD said, “We have plans to infuse over $600 million (INR 5,000 crore) as part of expansion plans to increase module manufacturing from 2.5 GW to 6 GW."

“The expansion of the renewable energy business will be channelled into auxiliary production, including aluminium frames, junction boxes, backsheets, etc.", Dholakiya said.

He said the investment will be made by the year 2025, adding his company also aims to recruit over 4,500 people across various functions, expanding its workforce to over 5,500.

“We plan to hire 25 per cent of the workforce from the local tribal regions adjoining its proposed manufacturing facility. We will conduct a three-month certification programme at a skill development centre.”

Bharat Bhut, the Director at Goldi Solar, said, “We intend to form dedicated product development and R&D team, which will accelerate the creation of high-efficiency models. We are the first Indian manufacturer to announce a 710 Wp module based on the latest HJT technology, and we are confident that our latest offering is HELOC. Plus, it will be a game-changer in the industry”.

“The investment plan includes setting up cell manufacturing units, which the company plans to begin from the April-June quarter of 2023-24. After starting cell manufacturing, the cell manufacturing capacity will be increased to 5 GW subsequently”, he added.