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Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has confidentially filed preliminary papers with SEBI to raise between INR 9,000 crore and INR 10,000 crore through an initial public offering. The issue will include both fresh equity and an offer-for-sale by existing shareholders. The funds are expected to support the company's expansion plans, including a 5.1 GW integrated solar facility in Uttar Pradesh and additional capacity at its Butibori plant in Maharashtra. The IPO could value the company between INR 1.10 lakh crore and INR 1.3 lakh crore.
Avaada Electro, part of the Brookfield-backed Avaada Group, has confidentially submitted draft documents to the Securities and Exchange Board of India to raise around INR 9,000-10,000 crore through an initial public offering. People aware of the development indicated that the company is targeting a valuation in the range of INR 1.10 lakh crore to INR 1.3 lakh crore. Advertisement
The proposed IPO will likely include a combination of a fresh issue of shares and an offer-for-sale component by existing shareholders. The proceeds are expected to be used for expanding the company's high-efficiency solar cell and module manufacturing operations. This includes developing a 5.1 GW integrated manufacturing facility in Uttar Pradesh and scaling up production capacity at the Butibori Super Factory in Maharashtra.
Avaada Electro serves as the manufacturing division of the Avaada Group, a diversified renewable energy conglomerate involved in solar PV production, power generation, green hydrogen and its derivatives, pumped hydro storage, battery storage, and green data centres. The group, which is supported by Brookfield Renewable Partners and Thailand's GPSC (part of the PTT Group), secured over USD 1.3 billion in 2023 to expand its solar, hydrogen, battery, and green ammonia operations.
The Butibori Super Factory near Nagpur has become a crucial part of Avaada Electro's manufacturing strategy. Listed under the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers (ALMM), the plant produces bifacial glass-to-glass TopCon G12 modules up to 720 Wp and G12R modules up to 630 Wp, which rank among India's most efficient solar modules.
The facility currently operates with a module capacity of 7 GW and is expected to add another 6 GW of solar cell manufacturing capacity by FY26, supporting the company's plan to strengthen domestic production. Across its units in Uttar Pradesh and Maharashtra, Avaada Electro's total module capacity stands at 8.5 GW, which is projected to increase to 13.6 GW of module capacity and 12 GW of cell capacity over the next two financial years.
The company's operational growth has been rapid, with capacity rising from 1.5 GW in September 2024 to 8.5 GW a year later following the commissioning of the Nagpur facility and the start of commercial operations at the Dadri plant. Avaada Electro is also developing a fully integrated solar manufacturing hub in Nagpur, aiming to achieve 6 GW of TOPCon solar cell capacity by FY26 and 12 GW by FY27. Additionally, it plans to add 3 GW of ingot and wafer capacity by FY27, completing the production value chain from raw materials to finished modules.
Industry estimates suggest that India's annual demand for solar PV could more than double between FY26 and FY30, exceeding 40 GW per year. However, domestic capacity for high-efficiency solar technologies such as TOPCon cells remains limited, creating significant opportunities for companies like Avaada Electro to bridge the gap through capacity expansion and technological integration.
Source PTI
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