Insolation Energy Arm Secures ₹143.20 Cr Solar Module Supply Order from Zetwerk

Jaipur-based Insolation Energy arm, Insolation Green Energy, recently secured a ₹143.20 Cr solar module supply order valued at ₹143.20 Cr, inclusive of GST. The company said in a regulatory filing that it secured this order from Zetwerk Manufacturing Businesses Private Limited, which is expected to be executed in the financial year 2025–26.

In a separate development, Insolation has recently added four solar Special Purpose Vehicles (SPVs), namely GRJP Green Infra Private Limited, HVJN Green Infra Private Limited, MPGE Green Infra Private Limited, and SRJG Green Infra Private Limited.

While mentioning the role of setting up the SPVs in a regulatory filing, it explained, “The SPVs would carry on the business of solar power plant development, erection, installation, establishment, construction, operation, and maintenance, and consultancy of any renewable energy power plants. Design, supply, erection, testing, and commissioning, including comprehensive operation and maintenance (O&M) of rooftop solar (RTS) photovoltaic power projects.”

Planned Capacity Addition

Insolation Energy has been making steady progress in building its order book. For instance, Manish Gupta, Chairman & Whole-time Director of Insolation Energy, said in the last investor call that the company’s units, until the June quarter, saw a strong consolidated order book of over ₹2,500 crore across all verticals, including channel partners, government schemes, rooftop solar, EPC, and developer contracts. In FY26, Insolation Energy expects to produce around 2,000–2,100 MW of solar modules from all its units.

Explaining the company’s projected capacity addition, Ravi Dusad, Chief Financial Officer (CFO) of Insolation Energy, said, “In FY25–26, we have given a revenue guidance of ₹3,300 crore. Out of that ₹3,300 crore, ₹2,800 crore will come from modules, ₹400 crore from the EPC business, and ₹100 crore from others. Our 3 GW facility will be fully operational and commercialized in the next 40 days, giving us a total capacity of 4 GW. With this, we expect to achieve the projected ₹3,300 crore revenue."

Dusad further added, "Looking ahead to FY27–28, our total module manufacturing capacity will reach 8 GW — 4 GW plus 4 GW in Madhya Pradesh — along with the integration of 3 GW of cell capacity and 54,000 metric tons of aluminum. With this, we expect to achieve ₹8,600 crore of total revenue, including ₹7,000 crore from solar modules, ₹1,100 crore from EPC, and the remainder from other businesses. This breakdown has already been provided on page 48 of the earnings presentation.”