Solex & Jinchen Sign MoU for 1.2 GW PV module production line in Surat

Gujarat-headquartered solar PV manufacturer Solex Energy Limited has signed a Memorandum of Understanding (MoU) for acquiring 1.2 GW of solar module production equipment from China’s Jinchen Machinery, as it plans to expand output.

The first phase of 600 MW will be commissioned by October-2021 and the work for the second phase of 600 MW will start immediately as the first phase production commences. It will be a fully automated production line capable of manufacturing modules upto M12/G12 multi busbar solar cells with Microgap Technology. The facility is planned to come up near Surat and the factory is in the advanced stage of completion.

For Jinchen, this appears to be the second major deal in India, after the 3 GW sign up with Waaree earlier this year. The solar solutions and integrated products specialist finished 2020 with a turnover of 862 million Yuan (Rs 982 crores), and was profitable at 60 million Yuan (Rs 68 cr)  net profits. The firm looks set for a better performance this year, possibly on the back of strong demand from India itself.

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Chetan Shah of Solex Energy Ltd, an Industry veteran, said, “We are very upbeat to join hands with Jinchen as they are a leading PV machinery manufacturing company in the world and we’ll be greatly benefitted with their technical expertise in the field.”

“On this signing Ceremony, we are happy to sign this contract with our old partner Solex Energy. This strategic partnership between Solex and Jinchen will bring a new era of manufacturing high wattage panels of world class standard. Being leader in offering Turnkey supply, Jinchen shall be providing all newest and latest equipment to Solex to be a leader in the segment.” Adam Ge, COO of the Jinchen Group said.

Unique Virtual MoU Signing ceremony was attended by Adam Ge, Chief Operating Officer, Jack Wang, Vice President of Sales, Edward Yin, Vice General Manager of International Sales, and Vikas Singh, Deputy Director of Sales & Marketing at Jinchen. Kalpesh Patel, Managing Director at Solex, and other promoters like Anil Rathi, Vipul Shah and Piyush Chandak were also present.

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Solex is one of the oldest PV module manufacturers in India and has a manufacturing plant in Anand, Gujarat, since 2007. It is listed on the National Stock Exchange and plans to go for backward integration by putting up a 1 GW Solar Cell manufacturing line in the coming years.

A Module Assembly Line (Courtesy: Jinchen)