Energetica india Magazine

energetica INDIA- February_2026 55 FEATURE STORY Funding Solar PV Manufacturing Expansion The upstream components like cell, wafer, ingots and polysil - icon are highly capital-intensive. So far, for the expansion of module and cell capacities, manufacturers have raised funds via Banks, NBFCs, in addition to capital markets via IPOs, QIP and NCDs. Talking about funding Jakson Solar’s expansion, Chanana said, “We are sequencing our Phase II investments in ingots and wafers in line with anticipated ALMM timelines, ensur - ing readiness ahead of regulatory requirements. These in - vestments will be undertaken with a measured approach to capital deployment, aligned with policy clarity, technology maturity, and market demand.” Gautam Solar is in the process of setting up a 5 GW TOP - Con solar cell line at its upcoming facility in Gwalior, Mad - hya Pradesh. The first phase of the project, which is of 2 GW, is expected to be commissioned by October 2026. “We are moving towards complete backward integration. Work has already begun on our 54-acre land parcel in Gwalior, MP, where we are setting up our solar cell manufacturing facility. Additionally, we have acquired 40 acres in Narmadapuram to establish ingot and wafer production,” Mohanka said. He further added, “After the completion of Phase 1, we will launch our IPO, the proceeds from which will be used to fi - nance Phase 2 of the project, adding an additional 3 GW ca - pacity expected to be operational by October 2028.” GREW Solar currently has 3 GW of cell manufacturing ca - pacity in Madhya Pradesh, and is targeting to expand this to 8 GW by the end of this year. “At the same time, we are exploring opportunities to gradually participate in upstream segments like wafers, ingots, and polysilicon, aligned with government policies such as ALMM,” stated Thadani. He further added, “Funding for these expansion plans will come from a mix of internal accruals, strategic partnerships, and market-based instruments. This approach allows us to grow responsibly, strengthen our capabilities, and contribute to India’s renewable energy goals.” Thadani believes that the IPO route can be an effective way to raise capital while also broadening the company’s investor base. “We continue to assess the timing and market condi - tions for it. Alongside this, we remain open to other avenues such as debt financing or collaborations with industry part - ners, which allow us to scale efficiently and maintain flexibil - ity,” he said. Balancing Market Health with Global Ambition The global solar value chain remains heavily concentrated in China, spanning polysilicon, ingots, wafers, cells, modules, as well as critical manufacturing equipment and core technolo - gies. “In this context, there are no quick or easy solutions to achieving supply-chain resilience in the near term. Develop - ing a robust and self-reliant ecosystem will require sustained policy support, long-term capital commitment, and techno - logical capability-building,” asserted Arya. Going forward, policy certainty, access to long-term and com - petitively priced financing, and global technology partnerships will be critical to accelerate capacity build-up and improve execution capabilities. “However, given the capital-intensive nature, technological complexity, and long gestation periods associated with polysilicon, ingot and wafer manufacturing, it is likely to take several years before India can meaningfully reduce import dependence and move towards true self-suffi - ciency (Aatmanirbharta) in this domain,” Arya said. In a nutshell, India’s solar manufacturing story stands at a decisive crossroads. The country has built scale at remarkable speed, but scale without synchronised demand, cell–mod - ule alignment, export certainty, and transition clarity risks turning ambition into stranded capacity. To truly emerge as a global manufacturing hub, India must now shift from vol - ume-led expansion to value-led competitiveness—anchored in integrated supply chains, cost efficiency, technology depth, and stable policy signals. China’s experience offers both inspiration and warning: re - lentless price undercutting and wafer-thin margins may win short-term market share but invite trade barriers and long- term vulnerability. India’s pathway must be different – root - ed in disciplined capacity planning, predictable incentives, strong domestic offtake, and sustained support for innovation and exports. Without a clear roadmap and timely restructur - ing mechanisms, the sector may end up building idle factories. With them, it can build globally competitive solar champions that power both India’s energy transition and its manufac - turing future.