Avaada Electro, the solar PV manufacturing arm of Brookfield-backed Avaada Group, is gearing up to go public with the Securities and Exchange Board of India (SEBI) approving its request to launch an initial public offering (IPO).  
The company plans to launch an IPO totaling INR 9,000 to INR 10,000 crore, for which it had filed a confidential Draft Red Herring Prospectus (DRHP) in October 2025. This route enables companies to keep their offer documents private until they file the Red Herring Prospectus (RHP) before the actual IPO opens.  
Avaada Electro currently operates an 8.5 GW solar module production line and plans to add 5.1 GW by FY2027. It also aims to bring online 6 GW solar cell production capacity by FY2026, and another 6 GW by FY2027. This will expand its total solar PV manufacturing capacity to 13.6 GW and 12.0 GW by the end of FY2027, respectively.   
In an exclusive interview with TaiyangNews Managing Director Michael Schmela at REI 2025, Avaada Group Chairman Vineet Mittal said the company is also building a 1,200-ton-per-day solar glass facility while also accelerating work for an ingot-wafer-cell-module production line (see TaiyangNews Leadership Talks: Avaada Group At REI 2025). 
In January 2025, Avaada Electro’s parent company, Avaada Group, raised INR 8,500 crore to finance/refinance 9 projects across solar energy and green module manufacturing businesses (see Avaada Raises INR 8,500 Crore For Solar & Module Projects).   
Kosol Energie, the Indian solar PV manufacturer and EPC service provider, recently completed a 142 MW utility-scale solar PV project for Coal India Limited (CIL). It claims this project was stalled due to a number of challenges, including unresolved land acquisition issues and right-of-way constraints for transmission. The company says it navigated these challenges and executed the project in Banaskantha, Gujarat, within 9 months with a performance ratio of up to 90%.  
Located in Bhadramali village, the project is expected to reduce around 4.77 million tons of carbon emissions over 25 years. It is equipped with 610 W monocrystalline TOPCon bifacial solar modules built with 144 solar cells produced by Kosol in-house. With a primary focus on large-scale solar projects, Kosol Energie is now also expanding into small-scale projects. Additionally, the company is entering the battery energy storage system (BESS) segment.  
Juniper Green Energy, a renewable energy power producer, says it has started commissioning what it terms as India’s 1st firm and dispatchable renewable energy (FDRE) project. It started commercial operations of the 259 MW solar component in March 2026 and began commercial operations for a 200 MWh BESS in April. The project also has 280 MW of wind capacity. This facility is located in Fatehgarh, Barmer district, Rajasthan.
The company has signed a power purchase agreement (PPA) with SJVN Limited, which will offtake the power generated to the Haryana Power Purchase Centre, to be supplied within Haryana. Juniper says the Ministry of Power has issued multiple FDRE tenders since 2023, with over 14 GW capacity tendered and around 10 GW under construction across various public agencies, including SJVN, NHPC, SECI, and NTPC. 
Gujarat-based renewable energy company Celloraa Energy has partnered with Germany-based centrotherm, with the latter supplying advanced PECVD equipment for a 1.2 GW TOPCon solar cell manufacturing line. It will be situated in Surat, Gujarat. Under the agreement signed, centrotherm will deliver a total of 6 systems for polysilicon and silicon nitride deposition, aimed at improving efficiency and reducing operational costs through lower energy and gas consumption.
The facility is expected to begin production by early 2027, with plans to expand capacity to 2.4 GW in later phases. Celloraa says the project is part of its broader strategy to build an integrated solar manufacturing ecosystem and support India’s clean energy transition. centrotherm said the new PECVD platform could see wider deployment across India, backed by its established local presence and service network. Earlier this year, Celloraa roped in RENA Technologies for its advanced wet chemical processing systems for 1.2 GW TOPCon cell line (see India Solar PV News Snippets). 
Evren, a joint venture (JV) between Brookfield Asset Management and Axis Energy, has raised about $600 million to develop a 1 GW FDRE hybrid project in Andhra Pradesh and Rajasthan. The project will integrate wind, solar, and BESS to deliver reliable and flexible clean power. It is scheduled for completion in 2027. The company has signed a PPA with NTPC for 300 MW capacity.  
Backed by a consortium of global lenders, the initiative reflects strong investor confidence in India’s renewable sector and aims to support grid stability and long-term clean energy deployment through firm, dispatchable supply to utilities and industrial customers. 
NTPC Limited’s NTPC Green Energy Limited (NGEL) has commissioned 90 MW out of the 1.2 GW Khavda-II Solar PV Project in Gujarat. A step-down subsidiary of NTPC Renewable Energy Limited (NREL), NGEL says this 90 MW is 7th part capacity of the project. This expands NTPC group’s total installed capacity to 89.7 GW and commercial capacity to 88.6 GW. 
Clean Max Enviro Energy Solutions has signed an agreement with Shell India to supply renewable power from hybrid wind-solar projects to its assets in Gujarat and Karnataka. The arrangement covers about 30 MW, including a 16.83 MW project in Gujarat (6.93 MW solar and 9.9 MW wind), and a 13.2 MW project in Karnataka (9.9 MW solar and 3.3 MW wind). The power will be supplied to Shell’s LNG terminal in Hazira and the Shell Technology Centre in Bengaluru.  
Saatvik Acquires 80% Stake in MELCON 
Saatvik Green Energy Limited, a solar PV manufacturer and EPC company, has acquired an 80% equity stake in Melcon Transformers and Electricals Private Limited, marking its entry into power transmission equipment manufacturing. The share purchase agreement was signed on April 23, 2026. Melcon, incorporated in 2005 with a manufacturing facility in Alwar, Rajasthan, produces a range of transformers for industrial and utility applications and is ISO 9001-certified. Saatvik says the acquisition gives it a manufacturing footprint in a segment critical to India’s renewable energy scale-up. It added that the deal is expected to create synergies with its core solar business through improved supply chain control, execution efficiency, and the ability to offer more integrated energy solutions.   
According to the company, the move aligns with India’s target of 500 GW of non-fossil fuel capacity by 2030, where stronger transmission and distribution infrastructure will be key to supporting renewable energy growth. Saatvik currently operates a 4.8 GW solar module manufacturing facility in Ambala and is developing an integrated manufacturing project in Odisha, as it looks to expand its role across the clean energy value chain. In April 2026, Saatvik entered the IPP business via a 49% equity stake in Intelligent Hydel Solutions Private Limited (see India Solar PV News Snippets).   
TaiyangNews 2024

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