Indian module manufacturer Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in the current financial year.
The parent company received orders totalling INR4.88 billion, while its material subsidiary, Saatvik Solar, bagged additional contracts worth INR2.19 billion.
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While the company did not disclose client names, the orders have been placed by a mix of engineering, procurement and construction (EPC) firms and independent power producers (IPPs) that have previously partnered with Saatvik.
Prashant Mathur, CEO of Saatvik Green Energy Limited, said the new orders reflect strong confidence in India’s domestic manufacturing capabilities. He added that the company aims to support the country’s clean energy transition by delivering reliable, high-quality solar solutions. Mathur noted that the latest contracts further strengthen Saatvik’s partnerships with leading EPCs and IPPs that value the firm’s technology, scale, and reliability.
Founded in 2016, Saatvik Solar operates a 3.8GW manufacturing facility in Ambala, comprising three production lines. In December 2024, it launched the N-TOPCon G12R module, offering up to 625Wp output with 132 cells and 16 multi-busbar (MBB) technology.
Saatvik’s initial public offering last month was oversubscribed more than six times. The draft prospectus for the IPO filed last year set a goal of raising INR11.5 billion (US$137.6 million), the proceeds of which the company said it would use to pay off debts and invest in its 4GW module plant in Odisha.
Saatvik Solar revealed plans to build this and a 4.8GW cell manufacturing plant earlier this year. The integrated plant, developed by subsidiary Saatvik Solar Industries Private Limited (SSIPL), is scheduled to see its module line operational by the end of 2026 and the cell line by the end of 2027.
