Solarworld Energy Solutions Ltd Forms Joint Venture

Solarworld Energy Solutions Ltd announced a significant development following its Board of Directors meeting. The company has approved the execution of a Securities Subscription Agreement and a Joint Venture Agreement with Rays Green Energy Manufacturing Private Limited and Rays Power Infra Limited. This joint venture will establish and operate a 2.4 GW solar photovoltaic (PV) cell manufacturing facility in Mohasa, Madhya Pradesh. Solarworld Energy Solutions will hold a 50% equity stake in the joint venture, Rays Green. The company also approved a variation in the utilization of its Fresh Issue proceeds, shifting investment from its subsidiary, Kartik Solarworld Private Limited, to this new joint venture. Additionally, the trading window for designated persons will be closed until 48 hours after the 13th Annual General Meeting, in anticipation of shareholder approval for these changes.