Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has entered into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions, which is setting up a 41 MW solar project in Maharashtra.

Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110). Saatvik will complete the transaction at an acquisition cost of ₹13.06 million (~$144,145).

IHSPL has entered into a power purchase agreement with Maharashtra State Electricity Distribution Company to set up a 41 MW solar project. Saatvik Cleantech intends to execute the project jointly with RMC Switchgears.

Saatvik said the acquisition is part of its expansion into the independent power producer segment.

Post-acquisition, RMC Switchgear, the parent company of IHSPL, will continue to be the holding company of IHSPL, holding 51% of the equity shares. The transaction is expected to be completed within 30 days.

Recently, Saatvik Green Energy announced an investment of ₹2.51 billion (~$27.75 million) in a 4 GW solar module manufacturing facility in Odisha. It subscribed to 8.5 million equity shares of Saatvik Solar Industries, a wholly owned subsidiary of the company, each with a face value of ₹10 (~$0.11) and a premium of ₹286 (~$3.16) per share.

In the third quarter of FY 2026, Saatvik Green Energy recorded a revenue of ₹12.57 billion (~$139.04 million), representing a 142.6% year-over-year increase from ₹5.18 billion (~$57.32 million). The company attributed the revenue increase to robust demand for solar modules, high capacity utilization, and continued traction from repeat customers.

Last year, Saatvik commissioned a 2 GW in-house EPE film manufacturing facility in Ambala.

Saatvik Green operates a 4.8 GW module manufacturing facility and plans to add 4 GW of module manufacturing capacity in Odisha, with operations expected to be operational in FY 2026.

The cell-module manufacturing facility is being developed at an estimated cost of ₹18.50 billion (~$204.69 million).

In addition, the company plans to set up a 4.8 GW solar cell manufacturing facility, targeted to become operational by FY 2027, with a projected development cost of ₹13.5 billion (~$149.36 million).