Solex Energy is considering entering the US market to commence its international operations. This expansion is part of the company's broader investment plan, which involves investing $1.5 billion by 2030, as the company aims to capitalize on the demand for clean energy components.
Solex Energy intends to establish solar module and cell manufacturing facilities in the United States, striving to secure a position in the global renewable energy market. Company head Chetan Shah noted that although the US remains the world's largest solar energy market, high anti-dumping duties on Chinese imports make India the only viable supplier of affordable alternatives.
Confirming its plans to expand into the US, Shah explained that the primary goal is to leverage the massive global demand for clean energy components and position the company as a reliable and cost-effective alternative to Chinese manufacturers. He stated that the US represents a high-potential market, and while many Indian corporations are already operating there, a significant number of business entities, including Solex Energy, are also interested in investing in the country.
Currently, the company operates a 4 gigawatt (GW) module production facility in Gujarat, India, and plans to increase this capacity to 10 GW. Furthermore, it is in the process of establishing 10 GW cell production capacities, as well as 2 GW ingot and wafer production. However, Shah did not disclose details of the American projects due to regulatory compliance requirements, clarifying only that these investments are part of the company's $1.5 billion plan through 2030. A special team has been formed to study various parameters, including required investments and locations in the US.
Regarding the ALMM-II structure, Shah emphasized that the sector aligns with the goals of the government initiative and has already invested thousands of crores in setting up module manufacturing capacities in India to support the country's net-zero emission targets. Nevertheless, he added that under current market conditions, the industry requires an extension of the ALMM-II program by at least 12 months due to cell availability issues. The ALMM-II framework mandates the use of cells manufactured in India from an approved list of module manufacturers (ALMM).
As of October 2026, India had a module production capacity of approximately 262 GW, while cell capacity was only about 37 GW. Shah pointed out a significant gap between module and cell capacities in India, noting that most installed capacity uses outdated MONO PERC technology, and some capacity is non-operational. Meanwhile, the module production capacities are configured to use the latest TOPcon technology.