Solarworld Energy and Rays Power Infra have formed a 50:50 JV, Rays Green, to set up a 2.4 GW n-type TOPCon G12R solar cell plant at Mohasa-Babai, Narmadapuram, Madhya Pradesh on 41.3 acres, costing ~₹1,000 crore. Solarworld will redirect unutilised IPO proceeds, investing up to ₹100 crore equity and ₹320 crore loan, totalling ₹520 crore commitment with Rays Power.
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