Indian module manufacturer Saatvik Solar, a unit of Saatvik Green Energy Limited (SGEL), is building a 4.8GW solar cell and 4GW module manufacturing facility in Ganjam district of Odisha.
The integrated plant is being built by Saatvik Solar Industries Private Limited (SSIPL), a wholly owned subsidiary of SGEL. The solar cell plant is scheduled to become operational by the end of 2027, while the solar module facility is expected to be up and running by the end of 2026. PV Tech has contacted Saatvik for confirmation on the cell and module technology they will produce at the plant.
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In a bid to progress the country’s Made-in-India goals, the facility is located on land sub-leased from Tata Steel Special Economic Zone Limited within the Gopalpur Industrial Park in Gopalpur, Ganjam.
Additionally, the Gurugram-headquartered company is adding 1GW of capacity at its module manufacturing plant in Ambala in the north-Indian state of Haryana. The facility is expected to become operational in the first quarter of 2026.
“With the company’s total capacity reaching 4.8GW for cell manufacturing and 8.8GW for integrated cell and module production across its facilities in Ambala and Odisha, the expansion will enhance our production capabilities and serve the increasing demand for solar modules,” Prashant Mathur, CEO of SGEL said.
Saatvik’s growth ambitions
Founded in 2016, Saatvik Solar currently operates with an annual manufacturing capacity of 3.8 GW at its Ambala facility, which houses three production plants. The company aims to capture a 7-10% share of the Indian solar market by the end of 2026. In December 2024, Saatvik Solar launched N-TOPCon G12R module, which delivers a power output of up to 625Wp and features 132 cells using 16 Multi Busbar (MBB) technology.
Moreover, Saatvik Green Energy has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an INR 1,150 crore (US$137.6 million) IPO, comprising a fresh issue of INR 850 crore (US$101.7 million) and an INR 300 crore (US$35.9 million) offer for sale by promoters.
The company plans to use INR 553 crore (US$66.2 million) to set up a 4GW solar module production facility in Odisha, INR 96 crore (US$11.5 million) to repay debt via its subsidiary, and INR 12.3 crore (US$1.5 million) for other corporate purposes. The IPO is being managed by DAM Capital, Ambit, and Motilal Oswal.
In January 2025, the company secured a ₹1,500 crore (US$180 million) contract from an undisclosed energy producer for the supply of 1GW of solar PV modules. As per the agreement, the company was to deliver advanced N-TOPCon solar PV modules, over the course of the calendar year 2025.
