New Delhi-based solar module manufacturer Gautam Solar has announced plans to expand its solar module manufacturing capacity to 5 GW by 2025 at its facility in Bhiwani, Haryana.

This expansion will occur in three phases. The first phase is set for completion in November 2024, followed by the second and third phases in January and April 2025, respectively.

Additionally, the company has outlined a ₹10 billion (~$118.96 million) cell expansion plan with further growth funded through an Initial Public Offering (IPO), anticipated in the next 12-18 months.

The technology used in the cell facility will be N-type TopCon.

The IPO will drive the company’s plan to set up a 2 GW solar cell manufacturing plant to bolster solar module production and achieve the 5 GW target within the stipulated time.

A spokesperson for the company said Gautam Solar is evaluating the suitability of locating its solar cell plant in states with a good manufacturing ecosystem and infrastructure.

In 2024, Gautam Solar announced a foray into solar cell manufacturing by investing ₹10 billion (~$119.4 million) in a 2 GW solar cell facility. The company aims to include its solar cells in the Approved List of Models and Manufacturers (ALMM).

The solar cell facility will address the growing demand for domestic content requirement panels, a requisite for government-backed subsidy projects that mandate locally manufactured components.

According to Mercom India Research’s State of Solar PV Manufacturing in India 1H 2024 Report, India added 11.3 GW of solar modules and 2 GW of cell manufacturing capacity in the first half of 2024. The capacity additions were driven by a robust solar project pipeline of 132.7 GW planned between 2024 and 2026 and the reinstatement of the ALMM order.