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					</table><p><a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has received three purchase orders for modules, with a cumulative value of ₹186 million (~$2.09 million), from <a href="https://www.truzonsolar.com/" target="_blank" rel="noopener">Suntek Energy Systems</a> and <a href="https://www.solluz.co.in/" target="_blank" rel="noopener">Solluz Energy</a>.</p>
<p>The company has received two purchase orders from Suntek Energy Systems, totaling ₹121.8 million (~$1.3 million) and ₹3.15 million (~$35,517), for the supply of non-domestic content requirement-compliant, 715 Wp N-Type TOPCon bifacial dual-glass modules.</p>
<p>Under this purchase order, Solarium will supply 14,388 modules. The modules must be delivered by the second week of December 2025.</p>
<p>It has also received a third order from Solluz Energy, amounting to ₹61.15 million (~$689,478) for the supply of 715 Wp N-type bifacial modules.</p>
<p>Under this purchase order, Solarium will supply 7,128 modules. These modules must be warranted for at least 90% output for 10 years and at least 80% output for 25 years. The modules must be delivered by December 10, 2025.</p>
<p>In June 2025, the Solarium <a href="https://mercomindia.com/solarium-to-set-up-1-gw-solar-module-manufacturing-plant-in-ahmedabad" target="_blank" rel="noopener">announced</a> the establishment of a 1,000 MW facility in Ahmedabad, Gujarat. The proposed facility will involve a capital expenditure of ₹700 million (~$8.14 million). The plant is expected to manufacture TOPCon solar modules and be operational by the end of the fourth quarter of the current financial year.</p>
<p>In February this year, it also <a href="https://www.mercomindia.com/solarium-green-bags-7-mw-rooftop-solar-contract-from-nvvn" target="_blank" rel="noopener">won</a> a contract from NTPC Vidyut Vyapar Nigam to install 6,929 kW grid-connected rooftop solar projects at various locations of central armed forces and departments under the Ministry of Home Affairs in Uttar Pradesh (Zone 4). The scope of work included design, engineering, supply, civil construction, erection, testing, commissioning, and grid interfacing within 240 days from the date of notice of award. Solarium must handle the system’s operations and maintenance for a period of ten years.</p>
<p>Recently,  the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-grows-by-6-9-gw-in-october-2025" target="_blank" rel="noopener">announced</a> the addition of 6.9 GW of modules to the Approved List of Models and Manufacturers (ALMM). The cumulative capacity of modules under ALMM now stands at 116,467 MW.</p>


Solarium Green Receives Orders for Modules Worth ₹186 Million


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					</table><p>Turnkey solar solutions provider <a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has announced its re-entry into the solar module manufacturing space with the establishment of a 1,000 MW facility in Ahmedabad, Gujarat.</p>
<p>The proposed facility will involve a capital expenditure of ₹700 million (~$8.14 million).</p>
<p>The facility&#8217;s funding will be raised through a 3:1 ratio debt-to-equity mix. The plant, which will manufacture TOPCon solar modules, is expected to be operational by the end of the fourth quarter of the current financial year.</p>
<p>Solarium Green Energy said the production line would feature imported tabber-stringers, laminators, and sun simulators to ensure high-quality and efficient output.</p>
<p>The manufacturing facility is aimed at mitigating supply chain risks arising from trade-related disruptions, geopolitical uncertainties, and price volatility.</p>
<p>This initiative is a part of the company’s backward integration plan, aimed at improving profitability, securing its supply chain, and enhancing execution timelines for engineering, procurement, and construction (EPC) projects.</p>
<p>Solarium said that in solar EPC projects, the solar module typically constitutes approximately 50% to 60% of the total project cost. By manufacturing its own modules, the company aims to reduce its dependence on third-party suppliers, mitigate cost volatility, and enhance profitability.</p>
<p>Solarium is also beginning in-house manufacturing of mounting structures, which account for roughly 10% of the EPC project costs. This manufacturing will be carried out at the company’s facility in Bavla, Gujarat.</p>
<p>Ankit Garg, Chairman and Managing Director of Solarium, said that at an 85% plant utilization rate, the facility could generate revenue of over ₹10 billion (~$116.4 million) if the modules are sold externally. Using these modules in-house could result in a gross margin improvement of 5%–8% by eliminating third-party markups.</p>
<p>In February this year, Solarium Green Energy <a href="https://www.mercomindia.com/solarium-green-bags-7-mw-rooftop-solar-contract-from-nvvn" target="_blank" rel="noopener">won</a> a contract from NTPC Vidyut Vyapar Nigam to install 6,929 kW grid-connected rooftop solar projects at various locations of central armed forces and departments under the Ministry of Home Affairs in Uttar Pradesh (Zone 4).</p>


Solarium to Set Up 1 GW Solar Module Manufacturing Plant in Ahmedabad


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					</table><p><a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has won a contract from NTPC Vidyut Vyapar Nigam (<a href="https://www.nvvn.co.in/" target="_blank" rel="noopener">NVVN</a>) to install 6,929 kW grid-connected rooftop solar projects at various locations of central armed forces and departments under the Ministry of Home Affairs in Uttar Pradesh (Zone 4).</p>
<p>The scope of work includes design, engineering, supply, civil construction, erection, testing, commissioning, and grid interfacing within 240 days from the date of notice of award. Solarium must handle the system’s operations and maintenance duties for ten years.</p>
<p>NVVN plans to finance this package through external commercial borrowings, domestic commercial borrowings, or its own sources.</p>
<p>The contract value is ₹215.43 million (~$2.48 million).</p>
<p>Solarium recently went public, with its initial public offering subscribed 8.83 times. The retail portion of the issue was subscribed 5.07 times, while the issue was subscribed 18.04 times in the non-institutional investors’ category. The qualified institutional buyers had subscribed by 8.51 times the allotted portion.</p>
<p>The company had disclosed in its draft red herring prospectus that it has completed 8,506 residential rooftop solar projects, 152 commercial and industrial projects, and eight government projects in the last three financial years. It manages 41 projects worth ₹ 1.65 billion (~$19.38 million). Solarium also offers solar products, including solar modules, inverters, and availability-based tariff meters.</p>
<p>Recently, NVVN <a href="https://www.mercomindia.com/ntpc-floats-tenders-for-4-mw-solar-projects-at-drdo-delhi-and-bengaluru/" target="_blank" rel="noopener">issued</a> tenders for the engineering, procurement, and construction of 4 MW grid-connected rooftop solar power projects at the Defence Research and Development Organisation campuses in Delhi and Bengaluru.</p>
<p>In November 2024, NVVN <a href="https://www.mercomindia.com/nvvn-tenders-7-2-mw-rooftop-solar-project-for-assam-rifles" target="_blank" rel="noopener">invited</a> bids for grid-connected rooftop solar systems with a cumulative capacity of 7.2 MW in 26 buildings under Assam Rifles in Nagaland, Manipur, and Assam.</p>
<p>In October 2024, NVVN <a href="https://www.mercomindia.com/nvvn-tenders-4-73-mw-rooftop-solar-systems-for-bhakra-beas-management-board" target="_blank" rel="noopener">invited</a> bids to develop 4.73 MW grid-connected rooftop solar systems at various locations under the Bhakra Beas Management Board.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Solarium Green Bags 7 MW Rooftop Solar Contract from NVVN


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					</table><p>Ahmedabad-based turnkey solar solutions provider <a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has received in-principle approval from the <a href="https://www.bsesme.com/" target="_blank" rel="noopener">BSE SME</a> to float its Initial Public Offering (IPO) of shares.</p>
<p>The IPO comprises a fresh issue of 5.5 million equity shares at a face value of ₹10 (~$0.117) each.</p>
<p>The company had <a href="https://mercomindia.com/solarium-green-files-drhp" target="_blank" rel="noopener">submitted</a> its Draft Red Herring Prospectus (DRHP) in September this year.</p>
<p>Solarium requires ₹1.69 billion (~$19.85 million) for its working capital needs, which it plans to fulfill in part by utilizing ₹650 million (~$7.63 million) from the IPO. The remaining requirement of ₹1.04 billion (~$12.21 million) will be met through internal financing sources.</p>
<p>The Book Running Lead Manager to the issue is <a href="https://beelinemb.com/" target="_blank" rel="noopener">Beeline Capital Advisors</a>.</p>
<p>The company disclosed in its DRHP that it has completed 8,506 residential rooftop solar projects, 152 commercial and industrial projects, and eight government projects in the last three financial years. It manages 41 projects worth ₹ 1.65 billion (~$19.38 million).</p>
<p>Solarium also offers solar products, including solar modules, inverters, and availability-based tariff meters.</p>
<p>The company reported revenues of ₹1.78 billion (~$21.21 million), earnings before interest, taxes, depreciation and amortization of ₹237.75 million (~$2.83 million), and a profit after tax of ₹155.89 million (~$1.85 million) for the period ending March 31, 2024.</p>
<p>Recently, Maharashtra-based agri-solar solutions provider GK Energy <a href="https://www.mercomindia.com/agri-solar-solutions-provider-gk-energy-files-papers-for-%E2%82%B95-01-billion-ipo" target="_blank" rel="noopener">filed</a> a DRHP to raise over ₹5.01 billion (~$60.02 million) through an IPO. The IPO consists of a fresh issue of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹5 billion (~$58.84 million), and an offer for sale (OFS) of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹16.8 million (~$197,714).</p>
<p>In November 2024, Haryana-based solar module manufacturer Saatvik Green Energy <a href="https://www.mercomindia.com/saatvik-green-files-ipo" target="_blank" rel="noopener">filed</a> its DRHP with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through an IPO.</p>


Solarium Green Energy Receives BSE Nod for Initial Public Offering


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					</table><p>Ahmedabad-based turnkey solar solutions provider <a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has submitted its Draft Red Herring Prospectus with BSE SME (Bombay Stock Exchange Small and Medium Enterprises) in preparation for an Initial Public Offering (IPO), which will involve issuing up to 5.5 million equity shares.</p>
<p>The company plans to use the IPO proceeds to fulfill working capital needs and address general corporate expenses.</p>
<p>In addition to its turnkey solutions covering design, engineering, procurement, testing, installation, commissioning, and transmission systems, Solarium Green Energy also provides operation and maintenance services.</p>
<p>The company offers solar products, including solar modules, inverters, and availability-based tariff meters. It handles various projects, including residential rooftop installations, commercial and industrial projects, and government projects.</p>
<p>The company reported revenues of ₹1.78 billion (~$21.21 million), an earnings before interest, taxes, depreciation and amortization of ₹237.75 million (~$2.83 million), and a profit after tax of ₹155.89 million (~$1.85 million) for the period ending March 31, 2024.</p>
<p>The company said it has completed 8,506 residential rooftop projects, 152 C&amp;I projects, and eight government projects. It is currently managing 41 ongoing projects with a total value of ₹ 1.65 billion (~$19.66 million) and is working on new tenders worth ₹2.53 billion (~$30.15 million).</p>
<p>Recently, solar cell and module manufacturer and EPC solutions provider Premier Energies‘ ₹28.30 billion (~$337.4 million) IPO of shares <a href="https://www.mercomindia.com/solar-module-manufacturer-premier-energies-ipo-oversubscribed/" target="_blank" rel="noopener">received</a> an overwhelming response from various investor categories, with the issue subscribed over 74 times.</p>
<p>In July, renewable energy developer ACME Solar <a href="https://www.mercomindia.com/acme-solar-files-%E2%82%B930-billion-ipo/" target="_blank" rel="noopener">filed</a> its draft red herring prospectus with the Securities and Exchange Board of India for an IPO worth ₹30 billion (~$360 million) at ₹2 (~$0.024) per share.</p>
<p>Last December, Waaree Energies <a href="https://www.mercomindia.com/waaree-raise-%e2%82%b930-billion-ipo" target="_blank" rel="noopener">filed</a> draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO to part finance a 6 GW ingot, cell, wafer, and module manufacturing facility.</p>


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