Corporate News
Board of Insolation Green Energy approves land allotment proposal from Govt. of Madhya Pradesh As on : 16-Dec-24  13:44

The Board of Insolation Green Energy (a wholly owned subsidiary of Insolation Energy) has approved the proposal received from the Government of Madhya Pradesh, as outlined in their Letter of Intent (LOI) dated 07 December 2024.

The proposal pertains to the allotment of 45 acres (approximately 1,82,108.5 square meters) of land located in the Madhya Pradesh Zone for Power and Renewable Energy Equipment at Mohasa, Babai, District Narmadapuram. The land is intended for the establishment of a manufacturing unit for Solar PV Modules, Solar Cells, and Aluminum Frames. The allotment comes with various special benefits/concessions and major once are stated as under:

1 Land Allotment - One time Lease Premium of Rs.1 /- Sq. Mtr
2. Annual Lease rent and development Charges - Rs. 21/- per Sq. Mtr
3 Capital Incentive Subsidy Capex Subsidy - up to 40%
4 Employment Subsidy - Capital Subsidy on employment generation and export as per MP Government industrial policy
5 Electricity Benefits - Provision of electricity at fixed rate of Rs.4.36 per Unit
6 Water Benefits - Provision of water Supply at fixed rate of Rs.25/KL

This initiative aligns with the Company's strategic aspirations of achieving a $1 billion revenue target. The proposed fourth manufacturing facility, with a capacity of:

- 3 GW for Solar Cell Manufacturing
- 4 GW for Solar Module Manufacturing
- 24,000 MT for Aluminum Frame Manufacturing,

will be executed in two phases. This expansion will significantly bolster the Company's presence and capabilities in renewable energy manufacturing.

The Company plans to invest approximately Rs 1,800 crore in this project. Upon completion, this facility is expected to generate over 1,600 direct and indirect employment opportunities, thereby contributing to regional development and the renewable energy sector's growth.

This will be our fourth manufacturing facility in the group and first outside Rajasthan. The company has recently completed Preferential allotment of Rs. 400 Crore and work of setting up of company third manufacturing facility is under full swings to enhance the Solar Module manufacturing capacity from 1 GW to 4 GW by April, 2025 and Aluminum frame manufacturing facility 12000 MT.

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