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Insolation Energy Limited announced a significant development with the approval of a land allotment proposal from the Government of Madhya Pradesh. This initiative, aligned with the company’s strategic aspirations, sets a consolidated revenue target of ?8,000 crore ($1 billion). The land, measuring approximately 1,82,108.5 square meters (45 acres), is located in the Madhya Pradesh Zone for Power and Renewable Energy Equipment in Mohasa, Babai, District Narmadapuram. Offered at a nominal lease premium of ?1 per square meter, this land will be used for establishing a solar-integrated manufacturing plant.
The facility aims to bolster renewable energy manufacturing with capacities of 3 GW for solar cells, 4 GW for solar modules, and 24,000 metric tons for aluminum frames. The project will be executed in two phases with an investment of ?1,800 crore. This venture will also generate over 1,600 direct and indirect employment opportunities, significantly contributing to regional development and the growth of the renewable energy sector.
The land allotment comes with notable concessions, including a capital incentive subsidy of up to 40%, employment subsidies, fixed rates for electricity and water, and annual lease rent of ?21 per square meter. These benefits align with Madhya Pradesh’s industrial policy, encouraging investment in renewable energy infrastructure.
This marks Insolation Energy’s fourth manufacturing facility and its first outside Rajasthan. The company recently completed a preferential allotment of ?400 crore and is currently expanding its third facility to enhance solar module manufacturing capacity to 4 GW by April 2025, along with aluminum frame production of 12,000 metric tons.
The expansion demonstrates the company’s commitment to advancing renewable energy and achieving its ambitious financial goals. The company will keep stakeholders updated on the project’s progress in compliance with applicable regulations. |
