Brookfield-backed Avaada Group prepares ₹4,000-5,000 crore IPO for solar module unit to fund expansion, including 5 GW UP facility, riding India’s renewable energy boom.
Avaada Solar Arm Eyes ₹4,000-5,000 Cr IPO to Fuel Expansion
Mumbai – Avaada Group, the Brookfield-backed renewable energy major, has initiated preparations for a ₹4,000-5,000 crore IPO for its solar module manufacturing arm, sources reveal. The move comes amid surging investor interest in India’s solar manufacturing sector, driven by the government’s PLI scheme and 500 GW renewable energy target.
Key IPO Details
✔ Purpose: Fund 5 GW integrated solar facility in Uttar Pradesh
✔ Advisors: Investment banks & law firms being approached
✔ Timeline: Likely in 2025-26, subject to market conditions
✔ Context: Follows Waaree (₹4,321 Cr) & Premier Energies (₹2,830 Cr) IPOs
Avaada’s Manufacturing Footprint
| Project | Location | Capacity | Status |
|---|---|---|---|
| Solar Module Gigafactory | Dadri, UP | 1.5 GW | Operational (Mar 2025) |
| Integrated Cell & Module Facility | Greater Noida, UP | 5 GW | Under Development |
| Current Output | – | 5,800 modules/day | – |
Why This IPO Matters?
- Capitalizes on Solar Boom – India needs 30 GW annual module production by 2030
- Vertical Integration – Expands from modules to cells & wafers
- PLI Scheme Advantage – Avaada eligible for ₹19,500 Cr solar PLI incentives
- Global Supply Chain Shift – Reduces reliance on Chinese imports
Broader Renewable Portfolio
- Pumped Hydro: 3,650 MW in Maharashtra (₹15,100 Cr investment)
- Solar/Wind: 6,700 MW in Madhya Pradesh (₹50,000 Cr MoU)
- Green Ammonia: 1,500 TPD plant in Odisha (with Casale SA)
Investor Backing
- Brookfield’s $1.3 Bn infusion (2023) via Energy Transition Fund
- GPSC (PTT Group Thailand) as strategic partner
Industry Outlook
Vineet Mittal, Founder, Avaada Group:
“Domestic manufacturing is critical for India’s energy security. This IPO will accelerate our contribution to Atmanirbhar Bharat.”
Market Analyst:
“Solar IPOs are the new gold rush. With 40% YoY growth in module demand, Avaada’s timing is strategic.”
Upcoming Solar IPOs in Pipeline
| Company | Target (₹ Cr) | Key Focus |
|---|---|---|
| Vikram Solar | 1,500 | Modules & Cells |
| Saatvik Green Energy | 1,150 | Solar Inverters |
| Fujiyama Power | 700 | Module Components |
