
Avaada Electro eyes 12 GW module & cell manufacturing capacity by FY27 at Butibori facility, ET Manufacturing
Advt
Avaada Group's manufacturing arm Avaada Electro is looking to scale up module and cell manufacturing capacity to 12 Gigawatt each at its Butibori facility in Nagpur The capacity will be increased up to 7 gigawatt by next month, the company said in a statement."Avaada Electro is scaling towards a 12 GW solar module and 12 GW solar cell manufacturing capacity by the next financial year," it said.The company also announced that its Butibori facility has been officially included in the Approved List of Models and Manufacturers ( ALMM ) by the Ministry of New and Renewable Energy (MNRE). Vineet Mittal , Chairman & Founder , Avaada Group, said, "With ALMM certification of our Butibori plant and the commercial launch of our 720 Wp and 630 Wp N-type TOPCon modules, we are proud to lead India 's solar manufacturing revolution."The company's Dadri facility is already ALMM-certified.ALMM was introduced by the government to boost domestic manufacturing of solar panels.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
a day ago
- Mint
GEF Capital Partners eyes $600 million fund after major success with Premier Energies
GEF Capital Partners, which invests across the US, Brazil and India, is planning a $600 million fourth fund on the back of its blockbuster partial exit from solar modules maker Premier Energies, according to a person briefed on the matter. The fourth fund could eventually deploy as much as $1 billion after including investor co-investments, the person cited above added, asking to remain anonymous. Co-investments allow investors in a fund to deploy capital alongside the main private equity fund to boost their exposure to an investment. The PE fund made a partial exit from its investment in Premier Energies by selling a 5.5% stake through a block deal on Tuesday, which amounted to ₹2,625 crore. The initial investment of around ₹177 crore (then $23.5 million) in Premier Energies was led by GEF partner Abhishek Loonker and co-founder Raj Pai in September 2021. It is expected to yield the firm close to ₹8,000-8,500 crore in profits (over $1 billion), including the unsold 5.5% stake GEF retains in the company. Tuesday's block was sold at ₹1,051.60 per share, which is 52X times higher than the original value of ₹20 per share, a second person with knowledge of the development said. The fund has made two partial exits before, including selling a chunk in August 2024, when it made its public markets debut. The buyers include marquee names such as Goldman Sachs, Morgan Stanley Asia, Nomura Singapore, Societe General, and Blackstone Aqua. Also read | Murugappa Group's EV arm raises new funds from GEF Capital GEF Capital, which focuses on climate-related investments, did not respond to a request for comment. According to its website, GEF Capital Partners was formed in March 2018 following a spin-out from the Global Environment Fund. Rise in profit 'Premier Energies is likely to generate phenomenal carry for the firm," one of the people cited above said. Carry is the profit a private equity firm will make after returning the principal fund capital and preferred return of around 8%. 'We are now seeing increased traction from investors wanting to foray into the wider array of decarbonization themes including solar module manufacturing, green hydrogen production, electric vehicles and associated infrastructure, circular economy segments including water and wastewater treatment, waste management, biofuels and recycling sectors," said Prateek Jhawar, managing director and head, infrastructure and real assets investment banking, Avendus Capital. He said the renewable energy boom, predominantly powered by solar power, is here to stay for the next 40-50 years. And expects companies that move backward along the value chain—from modules to polysilicon—to gain an edge, with policies also supporting more backward integration. Shivam Bajaj, chief executive of Avener Capital, believes that introducing regulations similar to the Approved List of Models and Manufacturers (ALMM) and the Basic Customs Duty (BCD) on solar modules could help create more success stories like Premier Energies, offering attractive returns for early investors. Read this | Mizuho: The Japanese giant in hot pursuit of Avendus In addition, he believes that policy momentum—such as the ₹18,100 crore ACC PLI scheme and energy storage mandates—is driving investments across the entire value chain. With the National Manufacturing Mission prioritizing clean technologies, including battery production, he expects the sector to attract significant investment and stimulate domestic innovation. 'Moreover, equipment manufacturing/OEM within the climate space continues to be a high-growth potential segment," he said. Avener Capital is a boutique investment bank focused on the infrastructure and energy sectors. Next fund The investment has also made it easier for GEF Capital Partners to raise its next fund. It is sitting on a 200% internal rate of return on its Premier Energies investment, the people cited above said. GEF Capital invested in Premier Energies from its second fund which was $193 million. The second fund has already exited investments in Syrma SGS Tech, ESDS Software Solution, and Prince Pipes. The second fund also has investments in e-mobility ventures of Hero Motors Ltd, and Ratan Tata-backed Electra EV, in addition to stakes in companies such as SeedWorks and SS Supply Chain Solution. The firm is currently investing out of its $440 million third fund, which has a $200 million co-investment envelope. Through the third fund, it has invested in Murugappa group's TI Mobility, Sahyadri Farms and EPACK Prefab. And read | Murugappa's chip testing plant to begin supplies next year, says JV partner


Time of India
a day ago
- Time of India
IREDA successfully raises Rs 2,005.90 crore via QIP to boost green financing
Representative image NEW DELHI: Indian Renewable Energy Development Agency Ltd (IREDA) has successfully raised Rs 2,005.90 crore through a Qualified Institutions Placement (QIP), said a statement from Ministry of New and Renewable Energy on Wednesday. The capital was mobilised by issuing 12.15 crore equity shares at a price of Rs 165.14 per share, which includes a premium of Rs 155.14 per share over the face value of Rs 10. The issue price of Rs 165.14 reflects a discount of 5.00% to the floor price of Rs 173.83 per equity share. Launched on June 5, 2025, the QIP issue closed on June 10, 2025, receiving an encouraging response from a diverse set of both domestic and foreign qualified institutional buyers (QIBs) including insurance companies, scheduled commercial banks and foreign portfolio investors. The Board has approved allotment of equity shares to eligible qualified institutional buyers in its meeting held today i.e. June 11, 2025. The QIP was oversubscribed with bids amounting to Rs 2,005.90 crore against the base issue size of Rs 1,500 crore, achieving a subscription of 1.34 times. The capital raised through this successful issue will further strengthen IREDA's Tier-I capital and overall Capital Adequacy Ratio (CAR), enhancing the company's capacity to support the expanding renewable energy sector in India. Reflecting on this achievement, Pradip Kumar Das, Chairman & Managing Director, IREDA, said: "The successful completion of this QIP in a short span after our IPO in November 2023 is a testament to the trust and confidence the investor community and the Ministry of New & Renewable Energy have reposed in IREDA. This capital infusion will empower us to scale up our financing activities, enabling greater investments in renewable energy projects and accelerating India's transition towards a greener and sustainable energy future." CMD, IREDA expressed his gratitude to Pralhad Joshi, Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shripad Naik, Minister of State for Power and New & Renewable Energy; Santosh Kumar Sarangi, Secretary, MNRE; Department of Investment and Public Asset Management (DIPAM); and the Board of Directors for their support and invaluable guidance. IREDA extended its gratitude to all institutional investors and stakeholders for their continued support, reaffirming its commitment to leading the country's clean energy financing initiatives. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now


Time of India
2 days ago
- Time of India
Avaada Butibori plant is India's 1st to make 720Wp solar modules
Nagpur: Avaada Electro, which is building a solar power equipment plant at Butibori, has claimed to be the first to manufacture large-sized 720 Watt peak (Wp) TOPcon solar modules in the country. The plant at Butibori near Nagpur is expected to emerge as the country's largest solar modules and cells manufacturing facility. Avaada's projects in the state entail an investment of Rs13,000 crore, most of which is for the Butibori plant. The company has now begun manufacturing 720Wp modules at Butibori. It is currently importing the cells, which are a key component for making modules, from China. However, there are plans to operationalise the cell-making unit also by October. This will enable fully indigenous manufacturing of solar modules, doing away with dependence on China, said company officials. Even China started making 720Wp capacity modules less than a year ago. Avaada is expected to be second globally after China, said a source. Avaada Electro had performed the groundbreaking ceremony for its Butibori plant last October. Modules are the equipment that generate solar power. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo They are made of numerous solar cells. So far, modules made in India have smaller 182x183mm M10 cells which can generate 595Wp solar power. Avaada has begun manufacturing modules made of 220x220mm G12 cells. The modules have the capacity to generate as much as 720Wp power, explained a company official. The manufacturing of the first phase with a capacity of 1.5 gigawatts (GW) has started at Butibori . By July, the full capacity of making modules with a combined capacity of 7GW is expected to be reached. Modules made through the G12 cells can generate more solar power in less area due to the cell's size. Solar module installations occupy a sizeable area, said the source. Similarly, the company has also commercially launched the 630Wp solar modules. The Butibori plant has also been included in the ministry of renewable energy's (MRE) approved list of models and manufacturers (ALMM). This will ensure Avaada's eligibility for taking part in the govt tenders. The Butibori unit has already started supplying solar panels for the state govt's Mukhya Mantri Saur Krishi Vahini Yojana -- the state govt project for supplying solar power to farmers. According to company chairman Vineet Mittal with ALMM accreditation of the Butibori plant and the launch of 720Wp and 630Wp cells, the company hopes to achieve a major revolution in the sector. With Butibori emerging as a prime destination for solar energy equipment makers, Avaada is the first to start production. Other companies like Jindal Group and Waaree Energies also have similar plans for Nagpur.