The Indian Renewable Energy Development Agency (IREDA) has approved a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of INA Solar, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh.

The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million). The remaining ₹3.78 billion (~$43 million) will be funded from  internal accruals

In August, the company broke ground on the manufacturing plant for solar cells and an 18,000 MT aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh.

Recently, INA Solar operationalized a 4.5 GW solar module manufacturing plant at the Sawarda village in Rajasthan’s Jaipur district. With the commissioning of this plant, INA Solar has expanded its manufacturing capacity to 5.5 GW.  The facility, spread over 600,000 sq ft, manufactures TOPCon modules.

The company said it plans to enter solar wafer manufacturing.

It also announced plans to develop a 635 W to 650 W capacity manufacturing line of its G12R TOPCon module.

INA Solar expects to produce 2 GW of solar modules in the financial year 2026.

The company plans to expand its solar module manufacturing capacity to 10 GW by 2028. It also announced plans to expand its solar cell manufacturing capacity to 9 GW and aluminum frame manufacturing capacity to a 54,000 MTA plant by 2028.

The company reported executing over 100 MW of rooftop solar projects for corporate and government projects to date.

In FY 2025, the company reported a consolidated turnover of ₹13.34 billion (~$152 million), reflecting a growth of 80.93% compared to ₹7.37 billion (~$84 million) in FY 2024. The company attributed the growth in consolidated turnover to an increase in market share and strong demand for its advanced solar solutions.