Latest news with #SGEL
Business Standard
14 hours 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)
Time of India
3 days ago
- Business
- Time of India
No floating solar panels on dams, land along canals an option: CM
Panaji: Chief minister Pramod Sawant said that govt is not considering the proposal for setting up four floating solar projects in Goa. Instead, solar panels would be installed on both sides of the canal to generate solar power. State govt set a target to generate 50% of the power required for the state through renewable energy by 2030. SJVN Green Energy Ltd (SGEL) had proposed to invest over Rs 1,300 crore to generate 198MW of power by setting up four floating solar projects in Goa. 'Instead of installing solar panels at the dams, we have a first proposal to put solar panels on both sides of the canals. We are not sure how successful floating solar panels would be. Water levels at the dam increase and decrease, and there are other issues too,' Sawant said. 'At present, we have barren land on both sides of the irrigation canals, and the proposal is under govt's consideration,' the CM said. Recently, water resources (WRD) minister Subhash Shirodkar said his department turned down a proposal by the SGEL as it could lead to water pollution. The SGEL had proposed to state govt to develop floating solar power projects in two phases. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Accounting Automation Software Might Help You To Earn More Accounting Automation Software | Search ads Undo In the first phase, floating solar power projects were planned at Amthane and Chapoli dams, and in the second phase, at Selaulim and Anjunem dams. State govt would have to purchase power from the PSU at Rs 3.8-4.3 per kWh, the proposal had stated. SGEL conducted hydrographic studies on four water bodies with an investment of around Rs 1 crore. Referring to water quality improvement, the SGEL had said that floating solar panels can help reduce algal blooms by blocking excessive sunlight that fuels their growth, thereby improving water quality and enhancing aquatic ecosystems.
Business Standard
7 days ago
- 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
22-05-2025
- Business
- Business Standard
Saatvik Green Energy Limited Certified as a Great Place to Work® for 2025-2026
VMPL Gurugram (Haryana) [India], May 22: Saatvik Green Energy Limited (SGEL), one of India's fastest growing module manufacturing companies, has been certified as a great workplace for the period April 2025 to April 2026, under the Mid-Size Organizations category, by the Great Place to Work®, India. The award is based entirely on what current employees say about their experience working at the company. Great Place To Work® is the global authority on workplace culture, employee experience, and the leadership behaviours proven to deliver high revenue, employee retention and increased innovation. The certification is a result of an anonymous and confidential survey administered by the Great Place to Work® Institute, assessing employees' trust in management, pride in their work, and camaraderie with colleagues. Sarah Lewis-Kulin, the Vice President of Global Recognition at Great Place To Work® said: "Great Place To Work® Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience. By successfully earning this recognition, it is evident that Saatvik Green Energy Limited stands out as one of the top companies to work for, providing a great workplace environment for its employees." According to Great Place To Work® research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company's profits and have a fair chance at promotion. 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. Its products cater to residential, commercial, industrial, and utility-scale segments with a focus on sustainability, reliability, and performance. 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. About Great Place to Work Certification Great Place To Work® Certification is the most definitive "employer-of-choice" recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience - specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place To Work-Certified. About Great Place To Work® As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All™ Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified or receiving recognition on a coveted Best Workplaces™ List. Media Contact Vineet Kumar Dhiman, Saatvik Green Energy Limited | +91-9650043472 Ishank Garg, Adfactors PR | +91-9711035025 Supreet Ahuja, Adfactors PR | +91-9999202252
Time of India
20-05-2025
- Business
- Time of India
WRD rejects Rs 1.3k cr investment proposal for solar power plan
Panaji: Water resources department (WRD) minister Subhash Shirodkar said on Tuesday that his department has turned down a proposal by SJVN Green Energy Ltd (SGEL) to invest over Rs 1,300 crore to generate 198MW of power by setting up four floating solar projects in Goa, as it could lead to water pollution. SGEL proposed to state govt to develop floating solar power projects in two phases. In the first phase, floating solar power projects were planned at Amthane and Chapoli dams, and in the second phase, at Salaulim and Anjunem dams. Speaking to TOI, Shirodkar said, 'I turned down the proposal as solar panels have batteries, cells, and liquid, and even if the company said they have a foolproof system, there is a possibility of some material falling into the water. We use water not only for irrigation but also for drinking, and we cannot take a risk.' Shirodkar mentioned that there would be 1,000 solar panels on the dams, and there are possibilities that they might fall into the water. The state would have to purchase the power from the PSU at Rs 3.8-4.3 per kWh, the proposal stated. SGEL conducted hydrographic studies on four water bodies with an investment of around Rs 1 crore. They involved various analyses through which information was gathered, including bed levels, cross-sections, profiles, and features using echo sounding techniques, water levels, and outflow/inflow data at critical locations. They also involved the collection of water, soil, and rock samples and conducting in situ tests as well as laboratory tests and analysis to obtain geological parameters. 'The combined data from all the above is then analysed to establish the final feasible capacity of FSPV on the reservoir,' a senior official said. Referring to water quality improvement, SGEL stated that floating solar panels can help reduce algal blooms by blocking excessive sunlight that fuels their growth, thereby improving water quality and enhancing aquatic ecosystems. In terms of biodiversity enhancement, SGEL said that well-designed floating solar installations can provide artificial habitats for aquatic species, fostering biodiversity and supporting local ecosystems. Regarding enhanced energy security, SGEL said that diversification of energy sources through floating solar power projects can enhance energy security by reducing dependence on imported fossil fuels and strengthening resilience against supply disruptions. SGEL said that the benefits of the floating solar power project include helping the state meet the state renewable purchase obligations (RPO) of 25% of the demand, which will further increase to 43% by 2030. It will also generate employment for locals in the state, reduce evaporation losses of reservoirs, reduce carbon emissions resulting in a cleaner environment, help in making Goa a green state, and realise revenue in the form of GST during the development stage of the project, it said.
