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					</table><p>India&#8217;s efforts to fast-track its clean energy transition and plan to achieve 500 MW in non-fossil energy capacity by 2030 hinge heavily on the resilience of its solar manufacturing value chain.</p>
<p>The government has been emphasizing the development of a fully self-reliant solar manufacturing ecosystem, from polysilicon, ingots, and wafers to cells and modules. India’s localization strategy, through initiatives like the Approved List of Models and Manufacturers (ALMM), has paid off in building out module manufacturing capacity, although cell manufacturing is yet to catch up.</p>
<p>The ALMM-II mandate for solar cells took effect this month, and similar mandates for domestic manufacturing of ingots and wafers will come into force from June 2028.</p>
<p>The country has been working to align energy security strategies with the development of a robust supply chain and reduce imports. Still, challenges such as technology gaps, a shortage of trained personnel, regulatory hurdles, and the need for substantial investment remain.</p>
<p>At the sixth edition of the Mercom India Renewables Summit, scheduled to be held in New Delhi on July 1 and 2, 2026, experts from across the solar PV industry will gather to discuss strategies to strengthen the domestic solar manufacturing chain.</p>
<p>In the session titled <strong>&#8216;Closing the gap: Building Integrated Solar Manufacturing Value Chain&#8217;</strong>, panelists will brainstorm over the progress India has made in building its downstream capacity, boosting investment, and examining the funding, technology, and policy measures required to strengthen upstream integration. The session will be held on July 1 at the Oval Hall, Hyatt Regency.</p>
<p>The panel will feature Prashant Choubey, President and Head, Green Hydrogen/Ammonia Business at <a href="https://www.avaada.com/" target="_blank" rel="noopener">Avaada Group</a>; Amit Barve, CEO at <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>; Rajasekar Elavarasan, Founder and CEO at <a href="https://www.raana.in/" target="_blank" rel="noopener">Raana Semiconductors</a>, and Nimish Jain, Executive Vice President at <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a>.</p>
<p>The Summit will also feature the <a href="https://www.mercomindia.com/awards/mercom-india-awards-2026" target="_blank" rel="noopener">Mercom India Awards</a>, which recognize companies that are decoding the future of clean energy through impactful projects and solutions.</p>
<p>The event will also see the return of the <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026/exhibitor" target="_blank" rel="noopener">Mercom India Renewable Summit Expo</a>, where renewable energy companies can showcase their cutting-edge products and solutions to industry stakeholders.</p>


Domestic Manufacturing Resilience Key to Success of India’s Solar Story


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					</table><p>Using a 50 kW rooftop solar system, the Tata Institute of Fundamental Research (<a href="https://www.tifr.res.in/portal/index.php" target="_blank" rel="noopener">TIFR</a>) in Colaba, Mumbai, is saving ₹852,852 (~$9,548.45) annually on power costs.</p>
<p>TIFR is a deemed university that awards master&#8217;s and doctoral degrees.</p>
<p>Taking the sustainable route and reducing electricity costs, TIFR decided to utilize the rooftop space at its campus to set a 50 KW rooftop solar system in August this year. The system was commissioned in September.</p>
<p>The institute’s decision to shift to solar also stems from the grid tariff reaching as high as ₹14 (~$0.156)/kWh.</p>
<p>Mumbai-based VEMCO Solar, the renewable energy arm of <a href="https://www.vemc.co.in/" target="_blank" rel="noopener">Vijay Engineering &amp; Machinery Company</a>, set up the rooftop system.</p>
<p>The rooftop system is a behind-the-meter project that powers all the buildings at  TIFR. The excess energy is exported back to the grid, yielding savings on its electricity bills through net adjustments.</p>
<p>The 50 KW rooftop system utilizes <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>’s 550 Wp mono PERC modules and two <a href="https://www.solaredge.com/en" target="_blank" rel="noopener">SolarEdge</a> inverters of 27.6 kW each.</p>
<p>The inverters are also installed with an optimizer, a small electronic device that can be installed under each panel to enable individual monitoring and output management. It can be helpful in cases of the solar system being affected by shading. The optimizer prevents a performance dip of the string of panels due to shading and limits the impact to the shaded panel alone.</p>
<p>The solar system is also integrated with a remote monitoring system that enables users to monitor its output and performance in real time.</p>
<p>The rooftop system generates 250 units per day and an estimated 7,500 units per month.</p>
<p>The system, designed for a 20-year project life, is expected to pay for itself within 6.5 years.</p>
<p>It is expected to yield savings of ₹ 12.6 million (~$141,068) over 20 years.</p>
<p>VEMCO Solar said TIFR is constructing two more buildings and plans to install solar panels on their rooftops.</p>
<p>It said that the rooftop system uses a ballast structure for the solar mounting system, which is usually used on flat roofs, and avoids drilling holes into the roofs. The rooftop system is anchored using ballast blocks. Such mounting structures are ideal for rooftops that are not structurally stable. The mounting structure is also hot-dip galvanized to ensure long-term durability and prevent corrosion.</p>
<p>Commercial and industrial consumers can benefit from shifting to solar. Mercom India hosts a nine-city Clean Energy Meet to raise awareness of the benefits of adopting solar. The next event will be <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2025-nagpur" target="_blank" rel="noopener">held</a> in Nagpur on December 12.</p>


Tata Institute’s 50 kW Rooftop Solar System to Pay Itself Back in 6.5 Years


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					</table><p>Solar module manufacturer <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a> has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise ₹15 billion (~$175 million) through an initial public offering (IPO) of shares.</p>
<p>The company will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.</p>
<p>The DRHP said Axis Bank has approved a loan of ₹3 billion (~$34.98 million) for the cell facility.</p>
<p>Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million). The facility is currently being established and is expected to be operational by FY 2027.</p>
<p>The remaining funds will be utilized for general corporate purposes.</p>
<p>The book-running lead managers will be <a href="https://www.sbicaps.com/" target="_blank" rel="noopener">SBI Capital Markets</a>, <a href="https://ambit.co/" target="_blank" rel="noopener">Ambit</a>, and <a href="https://www.iiflcapital.com/" target="_blank" rel="noopener">IIFL Capital</a>.</p>
<p>Rayzon is also setting up a 2 GW solar module manufacturing facility and an aluminum extrusion and anodizing manufacturing unit with a capacity of 19,800 MT per annum in Sava in Gujarat. The aluminum frame factory is likely to be operational by July 2025.</p>
<p>The company operates two solar module manufacturing facilities, each with a capacity of 3 GW, at Karanj, also in Gujarat, and Sava.</p>
<p>It derives its revenue from the manufacture of bifacial and minifacial solar modules utilizing N-type TOPCon cells and Mono PERC cells. As of December 31, 2024, it earned ₹19.36 billion (~$225.74 million) from the sale of 1.3 GW of solar modules.</p>
<p>As of May 31, 2025, Rayzon Solar has an order book for 3.6 GW of solar modules.</p>
<p>Rayzon has an enlisted capacity of 3 GW under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.</p>
<p>The company was one of the six leading module <a href="https://mercomindia.com/jinko-waaree-longi-trina-adani-lead-solar-module-supply-in-2024" target="_blank" rel="noopener">suppliers</a> in 2024, according to the India Solar Market Leaderboard 2025.</p>
<p>Recently, another solar module manufacturer, Vikram Solar, <a href="https://mercomindia.com/vikram-solar-gets-sebi-approval-for-ipo-to-fund-expansion-plans#:~:text=The%20IPO%20will%20consist%20of,is%20%E2%82%B910%20(~%240.11)." target="_blank" rel="noopener">received</a> approval from the Securities and Exchange Board of India to proceed with its IPO. The IPO will consist of a fresh issue of equity shares worth up to ₹15 billion (~$176.25 million) and an offer for sale of up to 17.45 million equity shares.</p>


Rayzon Solar Files for ₹15 Billion IPO, to Use Funds for Cell Manufacturing

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