INA raises $2.5 mn, to expand capacity

13 Mar 2023 CW Team

The Energy Access Relief Fund (EARF), which is administered by Social Investment Managers and Advisers (SIMA), USA, and is sponsored by the World Bank, IFC, BlI, DFC, and others, provided Insolation Energy Ltd (INA Solar) with $2.5 million in subsidised funding.

The first Rajasthani manufacturer of solar panels to be listed on the BSE SME platform is INA Solar, with its headquarters in Jaipur.

The money has come at the appropriate time, according to firm chairman Manish Gupta, as the business plans to increase its capacity.

"India has set an ambitious goal of 500 GW of renewable energy by 2030, and INA Solar will be essential to achieving the goal. The capacity of INA Solar to produce solar panels will increase to 1.2 GW, while its capacity to produce solar cells will increase to 500 MW over the following two to three years, "Gupta remarked.

The two of them currently have a 700 MW yearly manufacturing capacity. The company's plant at Daulatpura produces solar panels, batteries, and inverters.

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