Solex Energy Wins Rs 544.62 Cr Solar Module Order From Zelestra Group Entities

Gujarat-based Solex Energy has won a ₹544.62 crore solar work order from Zelestra Group entities to supply N-Type TOPCon 615/620Wp Glass-to-Glass (G12R) solar modules. In an exchange filing, the company confirmed the order, inclusive of all duties and taxes. Solex aims to complete the project between February 2026 and November 2026.

Zelestra Group operates in more than 13 countries, including India, Spain, Italy, Chile, Peru, and the United States. The recent order comes from Zelestra entities such as Ganeko Six Energy Private Limited, Navia One Power Private Limited, Navia Two Power Private Limited, Navia Three Power Private Limited, and Ganeko Two Energy Private Limited.

China’s Influence and India’s Solar Surge

During India’s remarkable journey from 6 GW to over 100 GW in just three years, domestic manufacturers faced significant challenges. Chetan Shah, Chairman & Managing Director of Solex Energy, noted that they have seen the toughest period that came when 90% of installed modules were imported, mainly from China. He explained that until 2019, India had a modest 6 GW of module manufacturing capacity, and the pandemic years of 2020 and 2021 further disrupted the industry. Yet, by 2024, India had surged past 100 GW, showcasing an extraordinary leap in solar manufacturing capacity.

Showcasing India's solar growth, the Shah mentioned that Indian annual installations, which previously ranged between 8–12 GW, have surged to 28–30 GW. He noted that after India, the USA now represents one of the largest solar markets globally.

US Market Dynamics: A Challenge and an Opportunity

Looking internationally, the US is emerging as a key challenge, driving up solar module prices. Shah said in an investor call, “The USA is a challenge because of the cost of modules. Some factories are already operational there; however, they cannot meet demand, and operational costs are much higher than in India. Although Indian modules are cheaper, tariffs and export restrictions limit access. Compared to Chinese prices, there is no export from China to the USA or India.”

Despite this, he sees opportunities for Indian manufacturers under the ALMM scheme, which promotes domestic production and exports to other continents. He emphasized that current and expanding capacities are sufficient to meet both domestic and overseas demand, with the US as the primary export market.

Shah added, “The market is already commoditized, and existing capacity can meet demand. Nameplate capacities often overstate actual production due to technical limitations, and new players will need time to ramp up. Overall, multiple manufacturers can operate without significant pressure on demand.”

Solex’s Strategic Advantage: Cell Manufacturing

Shah highlighted Solex’s plans to strengthen its position through cell manufacturing. “Having a cell line will provide an additional edge. There is currently a significant gap between supply and demand for cells. The government plans to introduce ALCM (Advanced Local Cell Manufacturing) soon, which will favor integrated manufacturers over module-only producers. For Solex, entering cell manufacturing is a strategic priority, and work has already begun,” he said.