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Rays Green Energy invests €158 million in a solar giga factory in India

Rays Green Energy Manufacturing Pvt. Ltd., in collaboration with the Madhya Pradesh government, will invest €158 million in an integrated factory for the production of solar cells and modules. The project aims to increase local production and create 1,200 jobs.
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Rays Green Energy Manufacturing Pvt. Ltd., a subsidiary of Rays Power Infra Ltd., announced an investment of €158 million (approximately $170 million) to establish an integrated giga factory in Madhya Pradesh, India. The project was formalized at the Regional Industry Conclave 2024, with the official delivery of a letter of intent by the local government.

The new facility, spanning 45 acres, aims to strengthen domestic manufacturing capabilities for essential solar components, reducing reliance on imports.

Technical features of the factory

The project will include two main units:

– **Solar cell production (1.5 GW):** A specialized unit for manufacturing high-efficiency solar cells to meet India’s growing renewable energy needs.
– **Solar module assembly (3 GW):** An advanced assembly line for the large-scale production of solar modules, aligned with the country’s energy transition goals.

These infrastructures will help meet the increasing domestic demand and enhance India’s competitive position in the renewable energy market.

Economic and industrial implications

The project represents a significant opportunity for the local economy. Around 1,200 direct and indirect jobs will be created, supporting skill development and industrial growth in the region. This initiative is part of a broader strategy to strengthen the national supply chain in the renewable energy sector.

The €158 million investment aligns with the Madhya Pradesh government’s policy of attracting high-value industrial projects while reducing reliance on imported technologies.

A strategy oriented toward industrial integration

With this factory, Rays Green Energy aims to enhance its upstream production capabilities. This approach will allow the company to reduce operational costs while increasing the competitiveness of its products.

According to a spokesperson for Rays Green Energy, the strategic goal of this giga factory is to address domestic demand while exploring export opportunities for solar components.

Furthermore, this initiative reflects a shift in the positioning of Indian companies, moving from simple consumers of renewable technologies to key players in manufacturing integrated energy solutions.

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