Websol’s 600 MW solar cell line to start production in January

Websol Energy Systems, a Kolkata-based solar cell and module manufacturer.  announced today its new 600 MW mono PERC cell line and 550 MW module line will start commercial production in January 2024.

The company said the process of installation and commissioning of machinery has already advanced significantly and the facility is expected to begin its trial run in December this year.

Websol plans an overall 1.8 GW mono PERC cell capacity, with 600 MW being commissioned in the first phase.

The new lines will enhance Websol’s overall capacity and upgrade completely to the mono PERC and TOPCon technology.

Websol reported a revenue from operations of INR 0.30 crore for the second quarter ended Sept. 30, 2023 compared to INR 0.18 crore in the previous quarter ending June 30, 2023. The company recorded a net loss of INR 3.95 crore in Q2 FY 2023-24 as it discontinued its existing 250 MW cell line as a part of the process to graduate towards mono PERC technology.

“..Production [at 250 MW cell line] had to be discontinued to dismantle the old manufacturing equipment and redesign the shopfloor accordingly. In view of this, the company recorded a net loss of INR 3.95 crore in the second quarter of FY 2023-24,” stated Websol.

During the second quarter, Websol completed the preferential issue of 34,08,929 shares by way of conversion of existing promoter entities loan (13,08,929 shares) and fresh raise of INR 23.52 crore (21,00,000 shares), which has been used as equity towards its current expansion project of 600 MW cell line and 550 MW Module Line. The company has also completed its second drawdown from Indian Renewable Energy Development Agency Ltd of INR 63 crore. Together these funds have been disbursed to equipment providers for the facilities.