Solar panel manufacturer Avaada Electro Private Limited has confidentially filed for an IPO with SEBI. The IPO size could be ₹9,000–10,000 crore and will include a fresh issue and an OFS. The funds raised will be used to enhance solar cell and module production capacity. The company currently has a total module capacity of 8.5 GW across Uttar Pradesh and Maharashtra.
Avaada Electro IPO: Avaada Electro Private Limited, which provides solar panels and clean energy solutions, has confidentially filed an application with SEBI for an IPO. Its IPO size could range from ₹9,000–10,000 crore and will comprise both a fresh issue and an offer-for-sale. The company plans to utilize these funds to increase its high-efficiency solar cell and module production capacity and to expand its factories in Maharashtra and Uttar Pradesh.
IPO Objectives and Structure
Avaada Electro's IPO will include both a fresh issue and an Offer-for-Sale (OFS). The proceeds from the IPO will be used by the company to enhance its high-efficiency solar cell and module manufacturing capacity. Furthermore, Avaada Electro plans to establish an integrated solar factory of 5.1 GW in Uttar Pradesh and expand capacity at its Butibori plant in Maharashtra.
Based on its current capacity, the company stands as one of India's largest solar PV module manufacturers. Avaada Electro is included in the Government of India's ALMM (Approved List of Models and Manufacturers) and holds a b presence in the high-efficiency solar module segment.
Avaada Electro and Avaada Group
Avaada Electro is part of the Avaada Group, which is active in several areas of clean energy. The group operates in solar PV manufacturing, renewable power generation, green hydrogen and its derivatives, pumped hydro, battery storage, and green data centers. Avaada Group has also raised significant investments from global investment firms.
Companies like Brookfield Renewable Partners and Thailand's GPSC (PTT Group) have already invested in Avaada Group. In 2023, the company raised approximately $1.3 billion (around ₹10,800 crore), which was utilized for the expansion of solar, hydrogen, battery storage, and green ammonia projects.
Butibori Super Factory
Central to Avaada Electro's growth strategy is the Butibori Super Factory, located near Nagpur. This plant is listed in the Government of India's ALMM list. It manufactures Bifacial Glass-to-Glass TopCon G12 modules (up to 720 Wp) and G12R modules (up to 630 Wp). These modules are considered among the most powerful solar modules commercially available in the country.
The factory features AI-enabled production lines, smart energy management systems, and a Takt Time of just 16 seconds. Currently, this plant operates at a 7 GW module capacity, and by FY26, an additional 6 GW of solar cell manufacturing capacity will be added. This will enable Avaada Electro to adopt a fully integrated domestic production model.
Avaada Electro's Capacity and Expansion Plan
Avaada Electro is currently operating with a total module capacity of 8.5 GW across Uttar Pradesh and Maharashtra. The company plans to expand this to 13.6 GW module capacity and 12 GW cell capacity over the next two financial years. The company's products hold global certifications such as BIS, IEC, UL, and ISO. Its N-Type TOPCon technology modules' efficiency aligns with global standards.
