Solarworld Approves ₹420 Crore Rays Green JV For 2.4 GW Cell Plant

Board approved 50:50 JV with Rays Power for a 2.4GW TOPCon cell plant; Solarworld to invest up to ₹100Cr equity and extend a loan of up to ₹320Cr. IPO object changed from funding KSPL’s Pandhurana project to the Mohasa JV, redirecting ₹420Cr of unutilised proceeds into a larger backward-integration project. Shareholder approval is pending; definitive loan terms and security are undisclosed. Further cash calls apply, with commercial production targeted for June 2027.