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IREDA Clears Rs11.34 Billion Loan for INA Solar’s 4.5 GW Solar Cell Plant

The Indian Renewable Energy Development Agency (IREDA) has sanctioned a Rs11.34 billion loan to Insolation Green Energy, a wholly owned subsidiary of INA Solar, for setting up a 4.5 GW solar cell manufacturing facility in Narmadapuram, Madhya Pradesh. The project’s total cost is estimated at Rs15.12 billion, with the balance Rs3.78 billion funded through internal accruals.

In August 2025, INA Solar began construction of the solar cell unit alongside an 18,000 MT aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone, Madhya Pradesh. This comes after the company operationalized a 4.5 GW solar module plant in Sawarda, Jaipur district, Rajasthan, which expanded its total module manufacturing capacity to 5.5 GW. The Rajasthan facility manufactures TOPCon modules across 600,000 sq ft.

Looking ahead, INA Solar plans to enter solar wafer manufacturing and launch a 635–650 W G12R TOPCon module line. By 2026, it expects to produce 2 GW of solar modules, and by 2028, it targets 10 GW module capacity, 9 GW solar cell capacity, and an expanded 54,000 MTA aluminum frame facility.

The company has executed over 100 MW of rooftop solar projects for corporate and government clients. Financially, INA Solar posted a turnover of Rs13.34 billion in FY 2025, up 80.93% from FY 2024 (Rs7.37 billion), attributing growth to rising market share and demand for advanced solar solutions.

This financing marks another boost for India’s domestic solar manufacturing ecosystem, supporting the nation’s push for Atmanirbhar Bharat in renewables.

Anmol Kumar