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Business Standard
3 days ago
- Business
- Business Standard
Saatvik Solar Industries Private Limited Breaks Ground on the integrated 4.80 GW Solar Cell and 4.00 GW Module Manufacturing Facility in Odisha
VMPL Bhubaneshwar (Odisha) [India], June 5: Marking a major milestone in India's renewable energy journey, Saatvik Solar Industries Private Limited ("SSIPL"), a wholly owned subsidiary of Saatvik Green Energy Limited ("SGEL") today (June 5, 2025) hosted the groundbreaking ceremony of its upcoming 4.00 GW solar PV module manufacturing facility ("Project Site"), which shall be set-up on the land sub-leased from Tata Steel Special Economic Zone Limited ("TSSEZL") out of total 57 acres located at National Highway - 16, Chama Khandi, Gopalpur Industrial Park, Gopalpur, Ganjam - 761 020, Odisha, India. Planned under SGEL's wholly owned subsidiary SSIPL, the facility is poised to become a cornerstone of SGEL's expansion strategy. "To maintain and strengthen our position in the renewable energy sector, we are committed to an approach that emphasizes both capacity expansion and value-added services. Our focus is on ensuring we remain at the forefront of solar energy production and EPC solutions and continue to meet the growing demands of both domestic and international markets. One of our key strategies is ongoing expansion of our production capacity. We are in the advanced stages of establishing a new 4.80 GW integrated cell and 4.00 GW module manufacturing facility in Odisha, which is scheduled to become operational by the end of Fiscal 2027 and Fiscal 2026, respectively. We are also in the process of adding a capacity of 1.00 GW in one of our module manufacturing facilities in Ambala, which is expected to be operational in the first quarter of Fiscal 2026. Following these additions, we expect our capacity to be 4.80 GW for cell manufacturing and 8.80 GW for both integrated cell and module manufacturing across our facilities in Ambala and Odisha. This facility will significantly enhance our production capabilities and position us to better serve the increasing demand for high-quality solar modules. This expansion underscores our commitment to investing in technology and scaling our operations to meet the evolving needs of the renewable energy sector.," said Prashant Mathur, CEO, SGEL. This strategic expansion marks a significant milestone in Saatvik's long-term commitment to support India's renewable energy vision through Make-in-India solar capacity. About Saatvik Green Energy Limited Headquartered in Gurugram, SGEL is one of India's leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.80 GW modules as of February 28, 2025. The SGEL offers Mono PERC and N-TopCon modules,EPC services, and O & M capabilities. Disclaimer: SAATVIK GREEN ENERGY LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, an initial public offering of its Equity Shares and has filed the DRHP with SEBI and Stock Exchanges on March 13, 2025. The DRHP is available on the websites of SEBI, BSE and NSE at and respectively, and on the websites of the Book Running Lead Managers i.e. DAM Capital Advisors Limited at Ambit Private Limited at and Motilal Oswal Investment Advisors Limited at respectively and also at the website of the Company at investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" on page 54 of the DRHP. Potential investors should not rely on the DRHP for making any investment decisions. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act"), or any state securities laws in the United States, and unless so registered may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur; and (ii) within the United States to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act), pursuant to the private placement exemption set out in Section 4(a) of the U.S. Securities Act. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
Business Standard
30-05-2025
- Business
- Business Standard
Saatvik Green Energy Celebrates 10 Glorious Years of Clean Energy Excellence
VMPL Gurgaon (Haryana) [India], May 30: Saatvik Green Energy Limited ("SGEL"), one of India's fastest growing module manufacturing companies in India, marks a significant milestone today as it celebrates its 10-year anniversary. Founded on May 29, 2015, SGEL has established itself as one of the key players in India's solar energy market. SGEL was incorporated as a private limited company under the provisions of the Companies Act, 2013, under the name 'Saatvik Green Energy Private Limited', pursuant to a certificate of incorporation dated May 29, 2015. SGEL was subsequently converted from a private company to a public company, pursuant to resolutions passed by its Board on September 20, 2024 and by its Shareholders dated September 21, 2024, consequent to which its name was changed to "Saatvik Green Energy Limited." Since inception, SGEL has supplied more than 2.00 GW high-efficiency solar PV modules domestically and internationally. The company is recognized as one of the few companies with capabilities in module manufacturing as well as engineering, procurement and construction ("EPC"). (Source: CRISIL Report) SGEL is one of the leading EPC companies in India with 69.12 MW of an installed EPC base in Fiscal 2024. (Source: CRISIL Report) SGEL also provides operations and maintenance ("O & M") services to customers primarily in relation to the EPC projects undertaken by it. Reflecting on this journey and the road ahead, Prashant Mathur, CEO, Saatvik Green Energy Limited, said: "Our initiative to achieve backward integration into cell manufacturing is a critical step in our long-term growth and sustainability objectives. The company is expanding its manufacturing capacity with plans to set up an integrated cell and module manufacturing facility in Odisha. The new facility will have a cell line manufacturing capacity of 4.80 GW, which is expected to be operational in Fiscal 2027; and a module production capacity of 4.00 GW, which is expected to be operational in Fiscal 2026. In addition, SGEL also intends to establish a manufacturing facility for the production of ingots, cells and wafers in Mohasa - Babai, Madhya Pradesh." Celebrating the 10th anniversary of SGEL, Neelesh Garg, Chairman and Managing Director, added: "We intend to grow our customer base in both India and internationally by leveraging our reputation for solar modules and reliable EPC services. We aim to enter new markets and strengthen our presence in existing ones by offering innovative, cost-effective solutions tailored to diverse energy needs." Manik Garg, Managing Director, shared: "We intend to expand our distribution network across India to make our solar solutions more accessible to customers nationwide. We have already established regional warehouses across major Indian states such as Rajasthan, Maharashtra, Kerala and Madhya Pradesh. These warehouses serve as central points for solar module storage and distribution to ensure timely delivery to installers and end customers. We intend to collaborate with local distributors in various states that will enable us to have deeper market penetration, particularly in Tier II and Tier III cities. This will also help us to ensure that solar products are accessible even in remote areas, accelerating the adoption of solar energy across the country." SGEL commenced its manufacturing operations in 2016 and has over the years expanded its annual installed capacity, from 125 MW as of March 31, 2017 to about 3.80 GW as of February 28, 2025. Its revenue from operations has grown from Rs4,799.50 million in Fiscal 2022 to Rs10,879.65 million in Fiscal 2024 at a CAGR of 50.56%. Its EBITDA in Fiscal 2022 was Rs147.66 million and has grown to Rs1,568.44 million in Fiscal 2024 at a CAGR of 220.00%. SGEL currently operates three module manufacturing facilities in Ambala, Haryana (together, the "Ambala Facilities") spread across a total land area of 724,225 square feet, which together form one of the largest single location module manufacturing facilities in India. (Source: CRISIL Report) SGEL is in the process of adding a capacity of 1.00 GW in one of its module manufacturing facilities in Ambala, which is expected to be operational in the first quarter of Fiscal 2026, thereby increasing its installed capacity at its Ambala facilities to a cumulative 4.80 GW. About Saatvik Green Energy Limited Headquartered in Gurugram, SGEL is one of India's leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.80 GW modules as of February 28, 2025. The SGEL offers Mono PERC and N-TopCon modules,EPC services, and O & M capabilities. Disclaimer: SAATVIK GREEN ENERGY LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, an initial public offering of its Equity Shares and has filed the DRHP with SEBI and Stock Exchanges on March 13, 2025. The DRHP is available on the websites of SEBI, BSE and NSE at and respectively, and on the websites of the Book Running Lead Managers i.e. DAM Capital Advisors Limited at Ambit Private Limited at and Motilal Oswal Investment Advisors Limited at respectively and also at the website of the Company at investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" on page 54 of the DRHP. Potential investors should not rely on the DRHP for making any investment decisions. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act"), or any state securities laws in the United States, and unless so registered may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur; and (ii) within the United States to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act), pursuant to the private placement exemption set out in Section 4(a) of the U.S. Securities Act.
Business Standard
28-04-2025
- Business
- Business Standard
Saatvik Green Energy Limited showcases Advanced Solar Manufacturing Solutions at RenewX 2025 in Chennai
VMPL New Delhi [India], April 28: Saatvik Green Energy Limited (SGEL), one of India's fastest growing module manufacturing companies, participated in RenewX 2025 from April 23-25 at the Chennai Trade Centre, Nandambakkam. The Company is one of the fastest growing module manufacturing companies in India and has established itself as one of the key players in India's solar energy market. The Company offers modules based on polycrystalline cell technology, monocrystalline cell technology, bifacial technology, M12 technology and advanced Tunnel Oxide Passivated Contact ("TopCon") technology which helps reduce energy loss and enhances overall efficiency. At RenewX, Saatvik showcased its N-TopCon and N- TopCon G12R solar modules, available in monofacial and bifacial options, suited for residential, commercial, and utility-scale projects. The company also highlighted its turnkey EPC capabilities, which include engineering, procurement, construction, and operations & maintenance services for ground-mounted and rooftop solar installations. Saatvik Solar is one of India's leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.8 GW modules as of February 28, 2025. The Company currently operates three module manufacturing facilities in Ambala, Haryana spread across a total land area of 724,225 square feet, which together form one of the largest single location module manufacturing facilities in India. Speaking on the company's participation, Mr. Prashant Mathur, CEO, Saatvik Green Energy Limited, said, "RenewX offered a vital platform to engage with the fast-growing South Indian solar market. As Tamil Nadu continues to lead in renewable energy adoption, Saatvik was excited to showcase its solar modules and EPC strength." The Company has one of the most diversified client bases in the industry with presence in various segments (large utility, commercial and industrial, Open access, residential rooftop, solar pump) and across geographies (selling in all parts of India, North America, Africa and South Asia). Saatvik's Participation Highlights: * Presented N-TopCon modules for diverse applications. * Displaying Saatvik's expertise in executing EPC projects * Engaged with EPC players, industrial buyers, and developers across Tamil Nadu, Andhra Pradesh, Karnataka, and Kerala, and Telangana. The Company is one of the early adopters of new technology like N-type Topcon and Mono PERC in India. The Company recently launched G12R based Topcon modules and has started commercial production from January 2024. The Company is one of the first movers in the industry. The Company also offers end-to-end solutions through its Engineering, Procurement, and Construction (EPC) arm. The Company is one of the leading EPC companies in India with 69.12 MW of installed EPC base in Fiscal 2024. The Company is one of the few integrated players with capabilities in O & M, EPC, module manufacturing and is now planning to set up a cell manufacturing facility and solar pump manufacturing facility. The Company is one of the largest module manufacturers in North India, which is a lucrative market having high solar incidence area and proximity to states like Rajasthan and Madhya Pradesh. The Company had one of the highest capacity utilisation in Fiscal 2024 (more than 80%) whereas the normal industry utilization was around 60%. The Company commissioned a 61.42 MW floating solar power project at Ramagundam, Telangana in Fiscal 2023, which was one of India's largest floating solar power plants. The Company also commissioned a 12 MW installation for the Jindal Group under its EPC wing in Fiscal 2024, which was one of the largest single rooftop solar projects. About Saatvik Green Energy Limited Headquartered in Gurugram, Saatvik is one of India's leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.8 GW modules as of February 28, 2025. The company offers Mono PERC and N-TopCon modules, robust EPC services, and O & M capabilities. Its products cater to residential, commercial, industrial, and utility-scale segments with a focus on sustainability, reliability, and performance. Saatvik Green Energy Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares and has filed a draft red herring prospectus dated March 13, 2025 ("DRHP") with the Securities and Exchange Board of India ("SEBI"). The DRHP is available on the website of SEBI at the Company at and the websites of the Book Running Lead Managers - DAM Capital Advisors Limited, Ambit Private Limited and Motilal Oswal Investment Advisors Limited at and respectively and the websites of BSE Limited and National Stock Exchange of India Limited at and respectively. Investors should note that investment in equity shares involves a high degree of risk and for details refer to the Red Herring Prospectus, including the section titled "Risk Factors" of the Red Herring Prospectus, when available. Potential investors should not rely on the DRHP for any investment decision. Media Contact Vineet Kumar Dhiman, Saatvik Solar | +91-9650043472 Ishank Garg, Adfactors PR | +91-9711035025 Supreet Ahuja, Adfactors PR | +91-9999202252 (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
