Gautam Solar to Invest ₹4,000 Crore in 5 GW Solar Cell Plant in MP

Indian solar module manufacturer Gautam Solar Private Limited (GSPL) has announced a ₹4,000 crore investment to set up a 5 GW solar cell manufacturing facility in Gwalior, Madhya Pradesh. The project, spanning 54 acres, will focus on producing advanced TOPCon solar cells.

Phase 1 of the project is already underway, with a 2 GW capacity expected to be operational by 2026. Following the completion of Phase 1, Gautam Solar plans an initial public offering (IPO) to fund Phase 2, which will add another 3 GW capacity. The company also aims to expand into solar wafer manufacturing, creating a fully integrated domestic solar value chain.

Investment Plan

The investment is expected to strengthen India’s solar manufacturing ecosystem and reduce reliance on imports. Gautam Solar recently received a long-term rating of CRISIL A-/Stable and a short-term rating of CRISIL A2+, reflecting strong financial health and bankability.

Commenting on the project, Gautam Mohanka, Director, Gautam Solar, said, “This investment is a milestone for both Gautam Solar and India’s renewable energy sector. Our TOPCon-based facility will deepen domestic manufacturing and reduce import dependence, while supporting the nation’s clean energy goals and Atmanirbhar Bharat vision. We aim to integrate solar value chains from wafers to modules and strengthen India’s renewable energy ecosystem.”

About Gautam Solar

Gautam Solar is a leading Indian solar module manufacturer with multiple units across the country and corporate offices in New Delhi. The company currently has a 3.2 GWp manufacturing capacity, aiming to reach 5 GWp by FY2025-26. Known for its technologically advanced modules, patented innovations, and top-line manufacturing machinery, Gautam Solar has established itself as a pioneer in India’s solar sector.