The proposed IPO is expected to include a combination of fresh issue and offer-for-sale (OFS) components from existing shareholders. The capital raised is likely to be directed toward expanding capacity in high-efficiency solar cell and module production. This includes developing a 5.1 GW integrated facility in Uttar Pradesh and increasing capacity at the Butibori plant in Maharashtra.
As of September 30, 2025, Avaada Electro ranks among India’s largest solar PV module manufacturers by operational capacity. The company is listed under the Approved List of Models and Manufacturers (ALMM) and holds a strong position in the high-efficiency module segment. It forms a core part of the Avaada Group, a diversified clean-energy conglomerate with business interests across solar PV manufacturing, renewable energy generation, green hydrogen and derivatives, pumped hydro storage, battery storage, and green data centres.
In 2023, the Avaada Group, supported by Brookfield Renewable Partners and Thailand’s GPSC (a unit of PTT Group), secured over $1.3 billion to fuel its expansion into solar, hydrogen, battery storage, and green ammonia sectors.
At the heart of Avaada Electro’s growth strategy is its advanced Butibori Super Factory near Nagpur, which is ALMM-approved by the Ministry of New and Renewable Energy (MNRE). This facility manufactures bifacial glass-to-glass TOPCon G12 modules (up to 720 Wp) and G12R modules (up to 630 Wp), positioning them among the most efficient solar modules available in India.
The Butibori plant is equipped with AI-enabled production lines, a smart energy management system, and operates at a takt time of just 16 seconds. It currently runs at 7 GW capacity and aims to add a 6 GW solar cell manufacturing line by Fiscal 2026, enabling full domestic integration. Sources indicate that the facility could position India as a global leader in solar manufacturing.Avaada Electro currently operates 8.5 GW of solar module capacity across Uttar Pradesh and Maharashtra and aims to scale this to 13.6 GW of module capacity and 12 GW of solar cell capacity over the next two fiscal years. The company holds certifications from global agencies, including BIS, IEC, UL, and ISO, and manufactures N-type TOPCon modules aligned with global efficiency standards.Commercial production at the Dadri facility began in September 2024. Following this, total operational capacity surged from 1.5 GW in September 2024 to 8.5 GW by September 2025, marking a 5.7-fold increase within a year, driven by the commissioning of the Nagpur plant.
The company is constructing a fully integrated solar-manufacturing super factory in Nagpur to achieve 6 GW of operational TOPCon solar-cell capacity by Fiscal 2026, with plans to expand to 12 GW by Fiscal 2027. It is also building infrastructure to support 3 GW of ingot and wafer manufacturing by Fiscal 2027, aiming for complete value-chain integration from raw materials to finished modules.
Once solar-cell production begins at Nagpur, Avaada Electro expects to qualify under List II of the ALMM, opening up broader market opportunities. Additionally, the MNRE’s proposal to include solar wafers under ALMM from June 2028 is viewed as a significant push toward full solar value-chain localisation in India.
Avaada Electro’s early and full-scale adoption of advanced TOPCon technology across all operational and upcoming capacities sets it apart in the Indian solar manufacturing sector.
The company stands to gain from India’s increasing focus on domestic sourcing in solar procurement, especially in the DCR market, which mandates the use of locally produced cells and modules in government-backed projects. Industry projections suggest that India’s annual solar PV demand will more than double by FY 2030, surpassing 40 GW per year. However, domestic availability of high-efficiency TOPCon cell capacity remains limited.
Analysts also point out that regulatory shifts in China—such as anti-involution policies and stringent power-consumption standards—may phase out lower-quality, surplus production, reducing the cost disparity between Indian and Chinese products. This is expected to bolster India’s export potential and global competitiveness.
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