Solarworld forms JV for 2.4 GW solar PV cell facility

Solarworld Energy Solutions Ltd announced the execution of a Securities Subscription Agreement (SSA) and Joint Venture Agreement (JVA) to acquire a 50% stake in Rays Green Energy Manufacturing Private Limited. This joint venture, formed with Rays Power Infra Limited (holding the other 50%), will establish and operate a 2.4 GW solar photovoltaic (PV) cell manufacturing facility in Mohasa, Narmadapuram, Madhya Pradesh. The JV will focus on manufacturing and selling solar PV cells and related activities. 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. The trading window will be closed due to this proposed variation, pending shareholder approval at the upcoming AGM.