INA Solar, Caelux sign five-year pact for 2028 perovskite-tandem production

Insolation Energy Ltd. (INA Solar) and Caelux Corp. have signed a five-year strategic partnership aimed at commercializing 3 GW of solar modules. The agreement centers on integrating Caelux glass with INA Solar’s TOPCon technology to advance next-generation photovoltaic systems.

The collaboration targets the commercial production of hybrid-tandem modules by 2028.

Partnership scope and targets

The five-year pact covers technology validation, manufacturing readiness, and compliance with India’s ALMM regulatory framework. The companies aim to achieve module efficiencies up to 29% by 2028. Specific financial terms of the agreement have not been disclosed.

Executive statements

• Manish Gupta, chairman of Insolation Energy: "Merging cutting-edge perovskite tech with our TOPCon production skills is designed to speed up the creation of highly efficient solar modules, thereby aiding India’s push for renewable energy."
• Vikas Jain, managing director at Insolation Energy: "This collaboration bolsters the firm’s push to establish a cohesive solar manufacturing ecosystem."
• Scott Graybeal, CEO of Caelux: "This pact marks progress in bringing next-gen solar tech to market at a large scale within India."
• Vish Iyer, Caelux’s managing director for India and West Asia: "Blending Energy Producing Glass with TOPCon tech is a major move that allows the Indian market to access solar modules with exceptionally high power density."

Company profiles and capacity

Headquartered in Jaipur, Insolation Energy is listed on both the National Stock Exchange and the Bombay Stock Exchange. Established in 2015, the firm runs three manufacturing sites in Jaipur that together offer an annual output potential of 5.5 GW. Its module lineup includes TOPCon and monocrystalline PERC variants, with ratings spanning from 500 W to 635 W. The company’s independent power producer holdings total roughly 400 MW. In addition to current activities, Insolation is constructing a 4.5 GW TOPCon cell plant and an aluminum frame factory in Narmadapuram, Madhya Pradesh, where the frame unit will handle 18,000 metric tons per year. The business reaches more than 40,000 clients in over 250 districts via a distribution network of more than 1,000 channel partners.

Globally, Caelux Corp. has locked in a total contracted amount surpassing 25 GW.

Regulatory and market context

India’s solar manufacturing landscape faces a structural imbalance. Luminity reported on 21 October 2026 that while the country possesses over 200 GW of module capacity, cell production is limited to approximately 35 GW. CRISIL Ratings estimates this domestic cell output meets only half of India’s projected 60–65 GW demand for FY27. The 12th revision of the ALMM List-II, dated 8 October 2026, lists enlisted cell capacity at roughly 37.8 GW.

MNRE’s ALMM List-III, which covers ingots and wafers, takes effect from 1 June 2028, aligning with the partnership’s target year. Luminity’s guide on ALMM notes that MNRE can audit production and remove non-compliant manufacturers from these lists. Rooftop projects under the PM Surya Ghar subsidy require modules made in India using Indian cells, creating a direct compliance incentive for local integration.

Demand-side risks persist alongside regulatory shifts. Luminity reported on 21 October 2026 that transmission constraints in Rajasthan and Gujarat, coupled with delayed power purchase agreements, have been cited as risks to module demand. In the broader technology sector, JinkoSolar unveiled a back-contact TOPCon cell design on 17 October 2026 achieving 28% peak efficiency, as detailed in an earlier report.