Saatvik Green Invests ₹2.51 Billion in Subsidiary’s 4 GW Solar Module Facility

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Punjab’s Draft Amendments Aim to Liberalize Rooftop Solar Framework

Loom Solar Launches BESS Scalable Up to 1 MWh for C&I Consumers

Ola Electric Begins Deliveries of Residential Battery Energy Storage Systems

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					</table>Haryana-based solar module manufacturer <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a> has invested ₹2.51 billion (~$27.75 million) in a 4 GW solar module manufacturing facility in Odisha.
Saatvik Green 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.
The company has clarified that there is no change in ownership or control, and Saatvik Solar Industries will continue to remain a 100% subsidiary of the company.
The investment was made from the proceeds of its initial public offering (IPO). Saatvik Green went public in September last year, <a href="https://www.mercomindia.com/saatvik-greens-ipo-closes-with-6-5-times-oversubscription" target="_blank" rel="noopener">raising</a> ₹11.5 billion (~$136.26 million).
Saatvik Solar Industries operates in the renewable energy sector, with activities spanning manufacturing, trading, distribution, installation, and operation of solar projects and related products.
The subsidiary is also expanding into advanced areas, including solar modules, solar thermal systems, green hydrogen, wind energy, inverters, batteries, and solar cells.
Saatvik Solar reported a turnover of ₹11.85 billion (~$131.01 million) in the financial year (FY) 2025, compared to ₹35.95 million (~$397,456) in FY 2024.
Saatvik Green had earlier announced that Saatvik Solar Industries received orders worth nearly ₹3 billion (~$33.16 million) to supply solar modules to independent power producers and engineering, procurement, and construction companies.
Recently, Saatvik Green <a href="https://www.mercomindia.com/saatvik-commissions-2-gw-encapsulation-film-facility-in-haryana" target="_blank" rel="noopener">operationalized</a> a 2 GW encapsulation polyolefin elastomer film manufacturing facility at its campus in Ambala, Haryana.
The company’s revenue <a href="https://www.mercomindia.com/saatvik-green-revenue-up-61-6-in-q2-on-sustained-solar-module-demand" target="_blank" rel="noopener">rose</a> 61.6% year-over-year to ₹7.68 billion (~$84.91 million) in Q2 of FY 2026, from ₹4.75 billion (~$52.52 million).
As of June 2025, India’s cumulative module capacity under ALMM List-I stood at 109.5 GW, and the cumulative cell capacity under ALMM List II stood at nearly 17.9 GW, according to Mercom’s <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-1h-2025" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 1H 2025 Report</a>.

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					</table>India must step up its solar module manufacturing capacity to achieve its 2047 clean energy target and its net-zero goals by 2070. To reach these targets and reduce the reliance on Chinese imports, the government must support solar component manufacturing.
This was one of the calls to action by the speakers at a panel discussion titled “Domestic Cell and Module Production: Meeting Demand, Competing on Quality and Price” at the <a href="https://www.mercomindia.com/event/renewables-summit-2025" target="_blank" rel="noopener">Mercom India Renewables Summit 2025</a>, held on July 24.
The panelists were Prashant Mathur, CEO at <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Solar</a>, Suhas Donthi, President and CEO at <a href="https://emmvee.com/" target="_blank" rel="noopener">Emmvee Group</a>, and Avinash Hiranandani, Vice Chairman and Managing Director at <a href="https://www.renewsysworld.com/" target="_blank" rel="noopener">RenewSys India</a>.
The session was moderated by Priya Sanjay, Managing Director at Mercom India.
The speakers agreed that the shift to Tunnel Oxide Passivated Contact (TOPCon) from Monocrystalline Passivated Emitter and Rear Cell (Mono PERC) was now permanent, owing to dwindling demand for Mono PERC in the market.
Suhas Donthi said the market was not seeing much demand for Mono PERC. “We were early movers of TOPCon technology. Last year, the majority of the supply was for TOPCon,”.
He said Emmvee has a TOPCon module manufacturing capacity of 7.8 GW and 2.9 GW of TOPCon cell manufacturing capacity. The company’s solar cell line was commissioned last year. It is also in the process of adding 2.5 GW module manufacturing capacity this year and has plans for another 6 GW of cell and module manufacturing capacity each.
Saatvik Solar’s Mathur said that the company had 3.8 GW of module manufacturing capacity, with plans to reach 4.8 GW of module manufacturing capacity by the end of July.
He said Saatvik was also foraying into the manufacturing of encapsulants and ethylene vinyl acetate sheets. An integrated cell and module facility in Odisha comprising 4.8 GW of cells and 4 GW of modules are also in the pipeline.
Cumulatively, Mathur said Saatvik will have a module manufacturing capacity of 8.8 GW at the end of expansion. Out of the 8.8 GW module manufacturing capacity, 8.2 GW is of TOPCon module technology.
Out of the 4.8 GW module manufacturing capacity, only 600 MW is Mono PERC, and the rest is TOPCon.
“Currently, the industry is transitioning from Mono PERC to TOPCon. The cost of Mono PERC modules is also higher than TOPCon. The demand for Mono PERC is tapering down, and it will reach a dead end soon.” Mathur added that the demand for MonoPERC comes from projects that meet domestic content requirements, as most cell manufacturers in India are using Mono PERC. The technology is primarily used for old projects.
ALMM for Solar Cells
Hiranandani of RenewSys said that if India has to reach the Viksit Bharat target of 2047 and net zero by 2070 faster, it must add 200-250 GW of solar module manufacturing capacity every year.
RenewSys has been making polycrystalline cells and has forayed into TOPCon cells. The company has set a target of 4.5 GW of cell manufacturing capacity currently, with 2.5 GW of cell manufacturing capacity in the pipeline. It plans to commission 500 MW of cell manufacturing capacity by October this year.
“With ALMM-List II (for solar cells) coming in by June 2026, we need to assess if India has enough cell capacity to match its module capacity,” he added.
He suggested that the government should consider the postponement of the ALMM List-II based on the preparedness of the market.
Mathur said Saatvik’s module manufacturing capacity is primarily driven by domestic demand, but there is considerable focus on exports. “Due to the market uncertainty  in the U.S., exports have dipped for a short period, but the U.S. continues to remain the primary export market for India.”
Growth of Solar Components Sector
Hiranandani said that entering into component manufacturing market is very easy as it requires less capital expenditure. “But it&#8217;s also an extremely technical space. The encapsulants must last for 25 years as mentioned in the warranty.”
Hiranandani said that a rush to get into component manufacturing in India has slowed down as the encapsulant industry recently announced a 30 GW expansion into encapsulant lines.
He pointed out that there were still numerous components coming from China, such as aluminum frames, junction boxes, and solar glass.
“The government has supported glass manufacturers by providing a minimum import price, and it will ensure a smooth supply chain of solar glass,” he said.
Hiranandani and other speakers noted that while ALMM List-I supports module manufacturers, there should be some government backing for component manufacturing.
Mathur spoke about how solar manufacturing was moving towards the integrated model. “We are seeing a shift to an integrated module-cell model, manufacturers getting into ancillaries, engineering, procurement, and construction, and the independent power producer (IPP) business. We have developers getting into the manufacturing business. Four-five years down the line, we will have a model that will span from ingot to IPP business.”
Rising Module Prices
Breaking the myth of overcrowding in the module manufacturing sector, Hiranandani said that existing module capacities are already booked and that demand is surpassing supply.
He was skeptical about module prices coming down since their prices are the sum of the prices of components.
“Recently, cell prices went up, and they are still going up. Module prices will only come down when all the other component prices drop.”
About module prices, Donthi said comparing prices with China is not logical because of the subsidies Chinese companies receive.
Mathur highlighted that there is not enough competition for module supply for large projects. “Large projects need funding. They require field reports, audits, and third-party insurance, and you need to match those requirements. There are a few module manufacturers who meet these criteria.”
Manufacturing Challenges
The panelists felt that 10% duties on solar components are not sustainable.
Hiranandani said that there are free trade agreements with many countries, and many goods come from those countries.
He called for a policy environment similar to that for modules and cells for solar component manufacturing. This will allow for the development of a complete ecosystem for components in India.
About the recent announcement of an investigation by the U.S. into the alleged dumping of solar modules by Indian companies, Donthi said the U.S. doesn’t have a case.
“None of us are supplying modules because we have excess capacity. Neither are we circumventing products from different countries. India also has a strong domestic demand, and our manufacturing sector is not being set up to export.”
Concurring with Donthi, Mathur said India was not subsidizing module manufacturing to sell below cost.

India Must Step Up Solar Module Capacity to Meet Clean Energy Targets

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					</table>Jindal Steel &amp; Power (<a href="https://www.jindalsteelpower.com/" target="_blank" rel="noopener">JSP</a>) has commissioned a 15 MWdc rooftop solar project at its steel manufacturing plant in Angul, Odisha.
The 15 MW capacity comprises two projects, 12 MWdc, and 3 MWdc capacities. The project is expected to help power partial operations at the Angul plate mill.
The rooftop solar project has a cumulative generation capacity of 21 million units per year. The project is expected to reduce the unit&#8217;s annual CO2 footprint by 18,000 tons.
<a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Solar</a>, a solar PV module manufacturing company and solar EPC service provider, commissioned the 12 MW rooftop solar capacity for JSP at their plate mill in Angul. The project utilized Mono Perc 545Wp modules and was commissioned on a single tin shade roof.
With a DC capacity of 12,009 kWp and an AC capacity of 9,145 kWp, the 12 MW project is expected to generate 15,784,100 units per annum, reducing 9,610 tons of CO2 annually.
The 3.25 MW rooftop solar capacity was commissioned by <a href="https://ornatesolar.com/" target="_blank" rel="noopener">Ornate Solar</a>, covering an extensive InRoof structure space of 197,000 square feet and set up at an elevation of 15 meters (49 feet).
The company also recently deployed ten electric buses and 27 electric SUVs at the Angul facility.
&#8220;At Jindal Steel and Power, we are dedicated to sustainable growth and environmental stewardship,&#8221; said Naveen Jindal, Chairman of Jindal Steel &amp; Power. &#8220;The introduction of electric vehicles and the commissioning of our extensive solar installations at the Angul unit are significant steps towards fulfilling our commitment to achieving net zero and to building a cleaner and greener earth for future generations.&#8221;
The company said that embracing electric vehicles and clean energy solutions paves the way for a more environmentally conscious and sustainable future for the industry as a whole.
Last year, Jindal Stainless <a href="https://www.mercomindia.com/jindal-stainless-to-install-27-mw-of-rooftop-projects" target="_blank" rel="noopener">announced</a> it is planning to install two rooftop solar power projects of 21 MW and 6 MW capacity at its Jajpur and Hisar units, respectively, in a move to reduce its carbon footprint.
Mercom India has been <a href="https://www.mercomindia.com/event" target="_blank" rel="noopener">hosting</a> a C&amp;I Clean Energy Meet Series across major cities in India, creating a unique platform for commercial and industrial consumers to come face-to-face with the industry stakeholders to answer questions related to the renewable energy transition. The second in the series will be <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2024-lucknow" target="_blank" rel="noopener">held</a> in Lucknow on March 1.

Jindal Commissions 15 MW Rooftop Solar Project at Odisha Steel Mill

Here are some noteworthy cleantech announcements of the day from around the world:
<a href="https://powermin.gov.in/" target="_blank" rel="noopener">Power Minister</a> R.K. Singh informed the Rajya Sabha that the power requirement in India is expected to be around 1,650 billion units (BU) and the peak power demand about 389 MW in the financial year 2022-23. In FY 2021-22, the power demand was 1,141.9 BU as of January 2022, and the peak power demand stood at 203.01 GW. The minister said India has 393 GW of installed power generation capacity and 112.25 GW of inter-regional transmission capacity to ensure seamless power transfer in the national power grid. Furthermore, to meet the future power demand, the installed generation capacity is estimated to be around 817 GW by March 31, 2030, as projected in the 19th Electric Power Survey report.
SJVN Limited has <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/85222fc6-fa81-4d62-b863-f3e3f8c0bcb7.pdf" target="_blank" rel="noopener">submitted</a> a letter of intent to develop 10,000 MW of solar power projects in the next five years in Rajasthan. The Government of Rajasthan acknowledged the letter of intent with an assurance of support. The company intends to develop 10,000 MW of renewable projects on the land allocated by the Rajasthan Renewable Energy Corporation Limited. It is expected to invest ₹500 billion (~$6.68 billion) to develop these projects. The projects would help SJVN achieve its ambitious shared vision of 5,000 MW by 2023, 25,000 MW by 2030, and 50,000 MW by 2040.
Saatvik Solar, an Indian solar module manufacturer, <a href="https://saatvikgroup.com/saatvik-solar-raised-production-output-to-1-gw-in-ambala/" target="_blank" rel="noopener">announced</a> that it has added a 500 MW solar module manufacturing facility in Ambala, Haryana. With this addition, the company now has a 1 GW module manufacturing capacity and plans to increase it to 3 GW by 2023. It plans to develop a 1.2 GW module manufacturing facility in Gandhidham, Gujarat, in the upcoming financial year.
NewHydrogen, a green hydrogen technologies developer, <a href="https://newhydrogen.com/?p=3879" target="_blank" rel="noopener">announced</a> that it would begin providing green hydrogen generators to intermittent renewable power sites, like wind and solar farms, to demonstrate economic viability and new technology under development. The company targets wind and solar farms that produce excess green energy during certain times of the day. The extra energy can be used to run an electrolyzer that converts water into green hydrogen, distributed in pipelines, and converted back into electricity when needed. Verde, a Massachusetts-based manufacturer of green hydrogen generation systems (“Verde”), will manufacture and supply the Company with hydrogen generation systems.
The Delhi Government’s transport department has <a href="https://transport.delhi.gov.in/sites/default/files/All-PDF/APPLICATION%20FOR%20REGISTRATION%20OF%20ELECTRIC%20RETROFITMENT%20CENTRE%20%28ERFC%29.PDF" target="_blank" rel="noopener">begun</a> the registration process for centers for retrofitting old petrol and diesel vehicles with electric kits to convert them into electric vehicles. The electric propulsion kit manufacturer must ensure that the kit is approved by testing agencies as per Central Motor Vehicle Rules. The manufacturer should maintain the record of the vehicle identification numbers (VIN) and registration numbers of vehicles on which electric kits are installed.
Bhagwat Kishanrao Karad, Minister of State in the Ministry of Finance, informed Rajya Sabha that the ministry has not issued a letter of intent (LoI) to Nandal Finance and Leasing, the successful bidder of Central Electronics Limited (<a href="https://www.celindia.co.in/" target="_blank" rel="noopener">CEL</a>). The ministry put the LoI on hold pending examination of specific allegations regarding the bidder. In November 2021, the Union Government approved the sale of the government-owned solar cell and module manufacturer CEL to Nandal Finance and Leasing for ₹2.10 billion (~$28.02 million).
Ecoppia, a robotic cleaning solutions provider for solar projects, <a href="https://www.businesswire.com/news/home/20220208006212/en/" target="_blank" rel="noopener">announced</a> that it had secured an order from Sprng Energy to deploy robots at a 150 MW project in the Ananthapuram district of Andhra Pradesh, India. The company said it has been innovating the solar market with over 3 GW of projects in four different continents, providing project developers a year-round peak performance while reducing operation and maintenance expenses.

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