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Informist, Tuesday, Sept. 8, 2026

--Solarworld Energy to buy 50% stake in Rays Green for INR 1 bln

--Solarworld Energy to give INR 3.2 bln loan to Rays Green for solar project

--Rays Green to become joint venture between Solarworld Energy, Rays Power

NEW DELHI – Solarworld Energy Solutions Ltd. plans to invest INR 4.2 billion in Rays Green Energy Manufacturing Pvt. Ltd. using initial public offering funds, according to an exchange filing late Monday. Solarworld Energy will buy a 50% stake in Rays Green for INR 1 billion and give a loan of INR 3.2 billion to fund a solar project in Madhya Pradesh. Post this, Rays Green will become a joint venture between Solarworld Energy Solutions and Rays Power Infra Ltd., which will hold the remaining 50% stake in Rays Green.

The joint venture will establish, develop, commission, and operate a 2.4 gigawatt solar photovoltaic cell manufacturing facility on over 43 acres of land at Mohasa, Madhya Pradesh. Initially, Solarworld will buy 12,600 equity shares of Rays Green for INR 268.2 million. Solarworld's stake in Rays Green will be under a lock-in for five years, the filing said.

Including the INR 1 billion for equity and INR 3.2 billion of debt, Solarworld Energy is set to invest INR 4.2 billion in Rays Green, and this will be funded through proceeds of the initial public offering. For this, Solarworld Energy also approved changing objects of the offer under its 2025 prospectus, paving the way for funds to be invested in Rays Green which earlier proposed to be invested in Kartik Solarworld Pvt. Ltd. 

"The acquisition is a strategic investment to establish a backward integration platform for manufacturing high-efficiency solar PV cells, thereby strengthening the Company's renewable energy value chain, securing long-term supply of solar cells, reducing dependence on third-party suppliers and enhancing business synergies," Solarworld said in the filing. "The joint venture will undertake the business of manufacturing and sale of solar photovoltaic cells and other allied and ancillary activities."

Solarworld Energy had reported a consolidated net profit of INR 95 million on revenue of INR 1.68 billion for the June quarter. At 1311 IST, its shares traded slightly lower at INR 147.84 on the National Stock Exchange.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Pratyush Kumar

Edited by Himanshi Gupta

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