IREDA sanctions ₹1,134 crore loan to arm for 4.5 GW solar cell unit

Indian Renewable Energy Development Agency Limited (IREDA) has sanctioned a loan of ₹1,134 crore to Insolation Green Energy, a wholly owned subsidiary, to finance the setting up of a 4.5 GW solar cell manufacturing facility in Madhya Pradesh.

According to the company’s filing, the total project cost is around ₹1,512 crore, of which IREDA will fund ₹1,134 crore, while the remaining ₹378 crore will come from internal accruals.

The new plant will be located at the Manufacturing Zone for Power and Renewable in Narmadapuram district. The company said the facility is part of its broader plan for backward and forward integration across the solar value chain.

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With this addition, the group expects to reach a cumulative capacity of 7 GW PV module manufacturing, 4.5 GW solar cell manufacturing, and 18,000 MTA aluminium frame production within the next two years. It also plans to add 3 GW of ingot and wafer manufacturing capacity by 2028.

At 2:37 pm on Wednesday, shares of IREDA were trading 1.2% higher at ₹155.8 on the NSE, while shares of Insolation Energy Ltd were up 0.30% at ₹199.05 on the BSE.