Strategic IPO Push to Fund Expansion of Integrated Solar Manufacturing in Uttar Pradesh
Avaada Group, a renewable energy-focused conglomerate led by Vineet Mittal—former co-founder of Welspun Energy—is preparing for a substantial initial public offering (IPO) worth Rs 4,000 to Rs 5,000 crore for its solar module manufacturing division, according to sources familiar with the development. The group has initiated early-stage engagement with multiple investment banks and legal advisory firms to assess potential mandates for managing the IPO. According to those in the know, a significant portion of the IPO proceeds is expected to be allocated toward the capital expenditure for a 5 GW integrated solar module and cell facility in Greater Noida, Uttar Pradesh, further strengthening Avaada’s positioning in India’s rapidly growing clean energy infrastructure.
Highlights:
Avaada is preparing a Rs 4,000–5,000 crore IPO for its solar module arm.
IPO funds will largely go towards setting up a 5 GW integrated solar manufacturing facility.
Multiple law firms and investment banks have been approached for IPO mandates.
Strong Precedent Set by Peer IPOs in 2024
Avaada’s IPO ambitions come on the heels of successful public offerings by other domestic solar manufacturers in 2024, marking a broader trend of public market participation in the renewable energy sector. Premier Energies, based in Hyderabad, raised Rs 2,830 crore in September 2024, while Waaree Energies, the largest domestic player in solar panel production, raised Rs 4,321 crore in October through their respective IPOs. These fundraises reflect the appetite among investors for clean energy ventures, fueled in part by the Indian government’s production-linked incentive (PLI) schemes, mandates promoting domestic content in solar generation, and India’s ambitious target of 500 GW of renewable capacity by 2030. Rising geopolitical tensions between China and the US have also contributed to the realignment of global solar supply chains, offering Indian manufacturers a vital window of opportunity.
Highlights:
Premier Energies and Waaree Energies completed highly subscribed IPOs in 2024.
India’s PLI schemes and clean energy targets are driving solar IPO momentum.
Geopolitical shifts are aiding India’s role in global solar supply diversification.
Pipeline of Solar IPOs Reflects Industry Confidence
Following the landmark IPOs of 2024, several other solar energy firms have filed their draft red herring prospectuses with SEBI, indicating rising interest in tapping capital markets for expansion. Vikram Solar, headquartered in Kolkata, aims to raise Rs 1,500 crore; Saatvik Green Energy, based in Delhi, plans to raise Rs 1,150 crore. Smaller players like Fujiyama Power Systems and PMEA Solar Tech Solutions are targeting Rs 700 crore and Rs 600 crore, respectively. The wave of IPO filings underscores the capital-intensive nature of solar manufacturing and the eagerness among companies to capitalize on the Indian government’s sustained policy push for renewable capacity addition and local component manufacturing.
Highlights:
Multiple IPOs lined up: Vikram Solar (Rs 1,500 cr), Saatvik Green (Rs 1,150 cr).
Smaller players Fujiyama and PMEA targeting Rs 700 cr and Rs 600 cr, respectively.
The IPO surge shows strong capital market confidence in solar sector growth.
Avaada’s Diversified Expansion Across Solar, Hydrogen, and Storage Segments
Avaada’s footprint in the clean energy landscape extends well beyond module manufacturing. In March 2025, the company inaugurated a 1.5 GW solar module gigafactory in Dadri, Uttar Pradesh, and simultaneously laid the foundation for a 5 GW integrated manufacturing facility in Greater Noida. The company currently produces around 5,800 solar modules per day, and the planned expansion will significantly scale its domestic output. In addition to its manufacturing thrust, Avaada has made major moves in renewable power generation and energy storage, underlining its ambition to emerge as a holistic clean energy provider.
In April, the group signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to set up 3,650 MW of pumped hydro storage through two projects—Pawana Falyan (2,400 MW) and Sirsala (1,200 MW)—involving a cumulative investment of Rs 15,100 crore. Another MoU with the Madhya Pradesh government commits Rs 50,000 crore toward the development of 6,000 MW of solar, 700 MW of wind, 2,100 MW of Battery Energy Storage Systems (BESS), and 2,000 MW of pumped storage projects, showcasing Avaada’s multifaceted expansion blueprint.
Highlights:
Avaada runs a 1.5 GW factory and is building a 5 GW integrated plant in UP.
The group signed Rs 15,100 crore MoU for pumped hydro projects in Maharashtra.
It also committed Rs 50,000 crore in Madhya Pradesh for solar, wind, BESS, and storage.
Avaada Ventures into Green Ammonia with Global Technology Partnership
Beyond solar and storage, Avaada is also venturing into green ammonia—a critical component of future low-carbon fuel systems. The company recently announced a strategic collaboration with Casale, a global leader in ammonia technology, to establish a 1,500 TPD (tons per day) green ammonia plant in Gopalpur, Odisha. The partnership reflects Avaada’s growing interest in hydrogen derivatives as part of India’s broader green hydrogen mission. The Gopalpur plant, once operational, is expected to play a pivotal role in enabling decarbonization of heavy industries and green fuel exports.
The company’s expansion spree is significantly supported by its $1.3 billion funding round in 2023, led by Brookfield’s Energy Transition Fund and Thailand’s GPSC, a unit of the state-owned PTT Group, further underscoring the global investor interest in India’s renewable energy story.
Highlights:
Avaada to build 1,500 TPD green ammonia plant in Odisha with Casale.
Backed by $1.3 billion investment from Brookfield and Thailand’s GPSC.
Strategic pivot into green fuels and hydrogen-linked technologies.
