Solarworld Energy and Rays Power Infra Limited have formed a joint venture, Rays Green, to develop a two point four GW TOPCon G12R solar PV cell manufacturing plant in Narmadapuram, Madhya Pradesh. Under the agreement Solarworld Energy will hold 50 per cent of Rays Green and Rays Power will hold the remainder, with the aggregate financial commitment capped at Rs5,200 million (mn).

Solarworld Energy intends to subscribe equity in Rays Green amounting to Rs1,000 million (mn) as part of an aggregate equity limit of Rs2,000 million (mn), with Rays Power matching the subscription. The company will provide a loan facility of up to Rs3,200 million (mn) to be disbursed in tranches. The initial subscription is Rs268.22 million (mn) for 12,600 equity shares issued at Rs21,287 per share, with a face value of Rs10 and a securities premium of Rs21,277.

Solarworld Energy raised Rs5,500 million (mn) from an initial public offering in September 2025, including a fresh issue of 12,535,612 equity shares at Rs351 per share that generated about Rs4,400 million (mn). A pre-IPO placement of 3,124,548 equity shares aggregated to Rs1,100 million (mn) and an offer for sale by a promoter shareholder amounted to Rs500 million (mn). The company had proposed to invest Rs5,752.99 million (mn) in a subsidiary for the Pandhurana project and had deployed Rs51.8 million (mn) by 17 September 2025.

The proposed Rs4,200 million (mn) reallocation of unutilised IPO proceeds will part-finance the Rays Green manufacturing project on 41.30 acres allotted by the Madhya Pradesh Industrial Development Corporation. Rays Green executed the registered lease deed on four March 2025, has obtained consent to establish from the Madhya Pradesh Pollution Control Board and construction has commenced. The project is estimated to cost Rs10,000 million (mn) with a capital cost of around Rs4,170 million (mn) per GW and may benefit from a subsidised electricity tariff of about Rs four point three zero per unit.