Goldi Solar Plans India's Largest Solar Cell Plant, But Where It Stands Now?

Surat-based solar module manufacturer Goldi Solar has outlined ambitious plans for backward integration. At a time when most medium and large solar module makers in India are expanding into solar cell manufacturing, Goldi Solar is preparing to commission India’s largest single-site solar cell facility.

The company has already secured land at Dahej in Surat for the proposed plant. According to company officials, the firm led by Ishver Dholakiya plans to develop a cumulative 17.2 GW solar cell manufacturing capacity at the site.

Before ALMM-II 

In the first phase, Goldi Solar will begin with a 1.2 GW TOPCon solar cell line, targeted for commissioning by March 2026 — ahead of the Approved List of Models and Manufacturers (ALMM-II) mandate for solar cells, scheduled to come into effect from June 2026. Once implemented, Indian module manufacturers will be required to use only domestically produced solar cells.

“We are building India’s largest single-location solar cell line with a cumulative capacity of 17.2 GW. First, we will start with a 1.2 GW cell line and, based on learnings from this phase, we will add another 15 GW. This will ensure the firm leads from the front in this market, similar to our performance in module manufacturing,” — Kumar Arpit, Head of Marketing Communications, Goldi Solar, told Saur Energy.

Backed By Investors 

The company, now backed by investments from Havells and a consortium of high net worth individuals including Nikhil Kamath, is also preparing for stronger financial growth through a planned Initial Public Offering (IPO). After completing its pre-IPO capital infusion exercise, developments toward the issue are expected from April 2026 onward, as per management.

Buoyed by a robust order book and a diverse customer profile, the company sees significant growth potential ahead. In addition to its solar cell expansion, Goldi Solar is also evaluating an entry into Battery Energy Storage Systems (BESS) and leveraging its strategic partnership with Havells for broader diversification.

Module Business Growth

Rising market demand has driven rapid capacity expansion at Goldi Solar — from 3 GW to 14.7 GW in just one year. According to the management, over 10 GW of this capacity is based on TOPCon technology. At the same time, the company continues to see stable demand for mono-PERC modules, especially under schemes like PM-KUSUM, where they remain preferred.

Goldi Solar also plans to introduce back-contact module technology in India — a segment with limited domestic offerings so far..

Challenges In Cell Manufacturing 

However, the planned scale-up from1.2 GW to 17.2 GW in solar cells will be a major transition for the company. Industry experts note that solar cell manufacturing is far more complex than module assembly, requiring extensive cooperation with Chinese technology partners, reliable raw material access, skilled technicians, and consistent policy support.

Listed peers such as Premier Energies have highlighted in their RHP filings how technically demanding and time-consuming cell manufacturing can be, with stabilization challenges often deciding the success and speed of plant commissioning. Premier Energies had told its investors how delay in visa for Chinese techicians delayed their solar cell lines. It also talked about the additional times solar cell makers often need to stablise their lines. 

Nonetheless, Goldi Solar appears confident about its landmark project, which will not only secure cells for its captive module production, but also enhance margins and support India’s aim for greater self-sufficiency. The facility is also expected to supply solar cells to small and mid-sized module manufacturers who lack the capital to establish their own cell lines.