Servotech Buys 27% of Rhine Solar to Boost Module Output

• Servotech buys 27 % of Rhine Solar, aiming to expand its ALMM-approved plant from 100 MW to 600 MW by 2026 and produce high-efficiency TOPCon solar modules.

Servotech Renewable Power System Ltd (NSE: SERVOTECH) has struck a definitive agreement to purchase a 27 % stake in New-Delhi-based module maker Rhine Solar Ltd for roughly INR 121 million (USD 1.5 million), paying INR 127.88 a share for 950,106 new equity shares. The deal is slated to close within 90 days, subject to customary approvals.

Rhine Solar’s factory, certified under India’s Approved List of Models and Manufacturers (ALMM), now turns out 100 MW of crystalline-silicon panels a year. Backed by fresh capital and Servotech’s procurement clout, the partners plan to scale capacity six-fold to 600 MW by 2026, adding fully automated lines capable of producing next-generation TOPCon modules. 

For Servotech—best known for rooftop EPC work, inverters and a fast-growing EV-charger business—the investment secures an in-house panel supply at a time when India is tightening import duties and phasing in a 40 % Basic Customs Duty on Chinese modules. Management says vertical integration will help the company bid more aggressively for government tenders that now favour domestic content, while shielding margins from volatile panel prices. 

Rhine Solar’s expansion blueprint envisages shifting to larger M10 wafers, multi-busbar technology and high-speed tilling to lift module efficiencies above 22 %. The upgraded line is expected to create about 250 skilled jobs and could attract production-linked-incentive (PLI) subsidies if equipment orders are placed before the current fiscal-year deadline.

Analysts note that module shortages have been a bottleneck for India’s 500-GW-by-2030 renewables target, with domestic firms supplying barely a quarter of annual demand. “Servotech’s move is small in headline megawatts but big in signalling,” said an industry consultant in Gurugram. “It shows EPC players see real value in controlling the upstream part of the chain, especially for high-efficiency formats like TOPCon.”

Once the capacity ramp is complete, Rhine Solar intends to dedicate at least 15 % of output to exports across Africa and the Middle East, leveraging Servotech’s existing distributor network for EV chargers. The pair will also explore joint branding to market fully integrated rooftop kits that bundle panels, hybrid inverters and wall-mounted DC fast chargers.