IREDA sanctions Rs 1,134 crore loan for Insolation Green’s solar cell plant

Indian Renewable Energy Development Agency Limited (IREDA) has approved a loan of Rs 1,134 crore for Insolation Green Energy, a wholly owned subsidiary, to develop a 4.5 GW solar cell manufacturing unit in Madhya Pradesh.

The company said the total project cost is estimated at Rs 1,512 crore, of which IREDA will provide Rs 1,134 crore, with the balance Rs 378 crore to be funded through internal accruals.

The plant will be set up in the Manufacturing Zone for Power and Renewable in Narmadapuram district. Insolation Green stated that the facility is part of its strategy for backward and forward integration within the solar value chain.

Once commissioned, the group expects to achieve a capacity of 7 GW in PV module manufacturing, 4.5 GW in solar cell production, and 18,000 metric tonnes annually (MTA) of aluminium frame output over the next two years. In addition, the group plans to add 3 GW of ingot and wafer manufacturing capacity by 2028.