We want to expand solar panel manufacturing capacity to 1.2 GW, cell manufacturing to 500 MW: Manish Gupta, Insolation Energy

Jaipur-based solar panel manufacturing firm, Insolation Energy Ltd (INA Solar) has secured an ECB (External Commercial Borrowing) for USD 2.5 million. The Founder & Chairman of Insolation Energy, Manish Gupta, tells Saur Energy how the funding will give an impetus to the firm.

Manish Gupta, Chairman at Insolation Energy

Tell us about the USD 2.5 million subsidised funding that Insolation Energy has recently received

The fund is supported by The World Bank. To be more precise, Insolation Energy has bagged an External Commercial Borrowing (ECB) of USD 2.5 Million from Energy Access Relief Fund (EARF), Netherlands, which is managed by Social Investment Managers and Advisors (SIMA) and supported by the World Bank, DFC, BII, FMO, IFC, and others. The funding will help us in aligning Global Sustainability Goals while achieving our organisation growth through scaling up the production capacity and expanding our market reach.

Being supported by the above-mentioned authorities, this fund promises a large level of creditability, confidence and goodwill upliftment for us, which would boost our morale enabling us in expansion of the firm outreach both domestically and internationally.

What impact will this funding have on your firm?

The funding is aimed to impact our revenues many ways. Firstly, the funds will be utilized for further expansion and modernization plans of our plants and machinery, which will help us to expand our portfolio to the next level. Undoubtedly, it would appreciably increase the revenue while adding a lot to our own INA brand.

Secondly, as stated above, being supported by the World Bank, DFC, BII, FMO, IFC, and others, this fund supports the firm to prove its credibility to other prospective lenders or customers.

Having been in the business for a few years, we have already made our place in the industry within ten best solar firm in India. We aim to grow, further contributing towards energy access goals of not just the firm, but also the nation.

How will the funding impact Insolation Energy’s market presence?

The firm is using the latest M10 and G12 technology and we are looking forward to adopting advanced technology further like TopCon. We are planning to expand solar panel manufacturing capacity to 1.2 GW and solar cell manufacturing capacity to 500 MW in the coming years. We have successfully installed solar on more than 10,000 homes and completed more than 500 commercial projects till now. Following this funding, we are prepping to capture higher share in the total manufacturing capacity of the Indian market. EARF has provided funds to almost 119 companies in 22 countries, and being one of them, we believe our market presence will be accredited at a high pace.