New Delhi-based solar solutions and electric vehicle (EV) charger manufacturer Servotech Renewable Power System (Servotech) has entered a definitive agreement to acquire a 27% stake in post-money valuation in solar module manufacturing company Rhine Solar.

The cost of the acquisition was not disclosed.  

This acquisition is part of Servotech’s plan to expand its renewable energy portfolio and enhance its position as a comprehensive solar solutions provider.

The company aims to leverage Rhine Solar’s existing infrastructure and expertise in solar module manufacturing to establish a foundation for large-scale module production in the country.

Servotech also aims to utilize Rhine Solar’s capabilities to meet growing domestic demand and establish itself as a key player in the global solar market.

Raman Bhatia, Managing Director, Servotech, said, “A key focus will be on producing advanced N-type TOPCon 12 busbar modules, which are not only more efficient but also in high demand in both domestic and global markets due to their superior performance and durability.”

Servotech stated that the acquisition will enable it to exercise greater control over its supply chain, deliver high-quality products, and offer more competitive and comprehensive solutions. It further expects the integration with Rhine Solar to help drive efficiencies, foster innovation, and enhance market leadership.

The company offers a range of AC and DC chargers compatible with various EVs in multiple applications, including commercial and domestic settings.

Rhine Solar manufactures solar modules at its 60,000 sq. ft facility in Delhi. The company has a manufacturing capacity of 100 MW and plans to increase it to 600 MW by 2026. It produces modules with capacities up to 600 W. The company’s modules are included in the Approved List of Models and Manufacturers.

Recently, Servotech secured Northeast Frontier Railway’s auction to develop 7.8 MW rooftop solar power projects in Assam’s Rangiya division. The project’s estimated contract value is ₹336 million (~$3.9 million).

Last October, Servotech won an order to build nine EV charging stations for the Nashik Municipal Corporation in Maharashtra.