Saatvik Green To Spend Rs 2,000 Crore On Solar Cell, Panel Capacity
The new module capacity will get commissioned in FY26 and the solar cell capacity by FY27.
Saatvik Green Energy Pvt Ltd. plans to invest Rs 2,000 crore on expanding capacity of solar modules and backward integrate into solar cells manufacturing, senior company officials said.
The company has 3.8 GW of operational solar module manufacturing capacity and is adding another 4 GW of module capacity and entering into manufacturing of solar cells with 2.4 GW capacity, both in Gopalpur, Odisha, Prashant Mathur, CEO of Saatvik Green Energy told NDTV Profit.
The new module capacity will get commissioned in FY26 and the solar cell capacity by FY27, he said.
The expansion will take their total capacity to 7.8 GW which will make them amongst the top five players in the solar manufacturing space in India.
The module manufacturer has also started manufacturing the EPE Encapsulants, a component used to protect the cells. The company had earlier been buying the encapsulants from RenewSys India and Vishakha Renewables.
"Manufacturing our own allied products will aid in reduction of cost by 5-10%," Mathur said.
The company believes the government's focus on renewable sector and policies such as PM Muft Bijli Yojana and PM KUSUM Scheme will help domestic panel manufacturers to scale in size given huge demand from the farmers and rooftop residential and C&I segment.
The expansion would require an investment of Rs 2,000 crore and the company is exploring various options to raise the funds, but has not yet arrived at any specific option, said Abani Kant Jha, group chief financial officer of the company.
Although the company didn't clearly specify the options for fund raising, private equity and IPO route are some of the options among many they are believed to be evaluating.
Saatvik Green has also ventured into providing complete package for solar water pumps and has currently got allotment for 250 pumps under the PM KUSUM Yojana.
"We are providing the Saatvik branded solar pumps in the range of 3, 5, 7.5 and 10 HP, and using our own solar modules while installing the pumps for the farmers, " Mathur said
