Copyright © HT Digital Streams Limited All rights reserved. Currently, the company has a module manufacturing capacity of 8.5 GW and another 5.1 GW is expected to become operational in FY27. Photo: Bloomberg Summary The company joins a long list of green energy firms that have launched in the past year, including NTPC Green Energy, Waaree Energies, Vikram Solar, ACME Solar, Premier Energies, Saatvik Green and Alpex Solar. New Delhi: Avaada Electro, the solar module and cell manufacturing arm of Avaada Group, backed by Thailand’s PTT Group and Brookfield, has sought to raise ₹10,000 crore from an initial public offering, two people with knowledge of the development said. The company submitted a draft prospectus for the offering through a confidential filing. It aims to use the capital for expansion. Sebi introduced confidential IPO listings in November 2022 to provide companies—especially new-age and high-growth firms—more flexibility and privacy during the initial stages of the IPO process. Several green energy companies have gone public recently. State-owned NTPC Ltd’s green energy arm NTPC Green Energy Ltd hit the stock markets last November with an offer of ₹10,000 crore. Waaree Energies, Vikram Solar, ACME Solar, Premier Energies, Saatvik Green and Alpex Solar are other green power component manufacturers that have launched in the past year. Meanwhile, Inox Clean Energy, CleanMax and Juniper Energy have also applied for public listings, while Hero Future Energies and SAEL and others are looking to do so. Expansion plans “This money will be used for growth. The current capacity stands at 8.5 GW (modules), which will be increased with further backward integration,” one of the two people mentioned above said. Currently, the company has a module manufacturing capacity of 8.5 GW and another 5.1 GW is expected to become operational in FY27. About 6 GW of capacity is expected to be commissioned by January 2027 and another 6 GW in the next financial year. Avaada Electro also plans to enter the wafer and ingot business by FY28, and further diversify into the solar component space. India currently has 100 GW of module manufacturing capacity and 25 GW of core manufacturing capacity. Avaada Group Chairman Vineet Mittal told Mint in an interview earlier this month that the group’s module manufacturing arm plans to develop indigenous ingot-to-solar module manufacturing capacity from FY28. “Avaada wants to play the full value chain energy security solution. Our vision is that we will transform sand into glass, then we will transform polysilicon into ingot, ingot into wafer, wafer into cell and cell into module, as part of the sand-to-molecule philosophy,” he said. Avaada Group raised the largest equity round in India’s renewable energy space in 2023, when it secured $1.3 billion from Brookfield’s Energy Transition Fund and Thailand’s GPSC, a subsidiary of the PTT Group. GSPC holds a nearly 43% stake in Avaada Energy, the group’s renewable energy arm. With diversified operations across renewable energy generation, solar component manufacturing, green fuel production and storage projects, Avaada is Mittal’s second foray into the green energy space after Tata Power acquired the entire 1.1 GW renewable energy portfolio of Welspun Energy Pvt. Ltd for $1.4 billion in 2016. Earlier this month, the group signed a memorandum of understanding with the Gujarat government to invest ₹36,000 crore in solar, wind and battery energy storage system (BESS) projects in the state over the next five years. Bloomberg reported in September that Avaada Axis Bank Ltd., HSBC Holdings Plc, ICICI Securities Ltd. and Bank of America Corp. selected to help manage Avaada Electro’s IPO. Avaada Electro did not immediately respond to Mint’s emailed queries on Saturday. Buzzing with activity India’s renewable energy and manufacturing space has seen significant investment of late as the government pushes for 500 GW of non-fossil capacity by 2030. According to a recent EY report, the power sector has emerged as a leader in mergers and acquisitions (M&A) activity in the first half of 2025, valued at $8.5 billion. Renewable energy accounted for about 80% of the power sector’s total M&A activity over the period, marking a significant increase of $3.2 billion in the first half of 2024 and $2.8 billion in the second half of 2024, indicating strong interest in sustainable investments, it said. The report noted that India is now recognized as the world’s fourth largest market for renewable energy, having attracted more than $4 billion in foreign direct investment in the past year alone. Get all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download the Mint News app to get daily market updates. more topics #renewable energy #Green Energy #IPO #market premium Read next story
Avaada Electro files for ₹10,000-crore IPO via confidential route
