Indian solar water pump and motor manufacturer Shakti Pumps has successfully raised INR2.9 billion (US$34.1 million) to build a 2.2GW solar cell and module manufacturing plant.
Through a qualified institutions placement (QIP) of share, which was priced at INR918 per share, the funds will be used to establish a greenfield solar domestic content requirement (DCR) cell and PV module manufacturing plant in Pithampur, Madhya Pradesh.
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The solar manufacturing plant will be developed through its subsidiary Shakti Energy Solutions Limited, and it will have an annual production capacity of 2.2GW. The manufacturing plant is expected to begin production in 2026.
Earlier this year, Shakti Pumps secured 113 acres of land from the Madhya Pradesh Industrial Development Corporation Limited (MPIDC). The Madhya Pradesh-based company aims to use in-house manufacturing of solar DCR cells to strengthen backwards integration and provide greater control across the entire value chain.
Founded in 1982, Shakti Pumps manufactures solar pumps, stainless-steel submersible pumps, pressure booster pumps, and pump-motors among other products.
The company has established multiple partnerships to supply solar water pumps under the Prime Minister’s Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) scheme – a Government of India initiative launched in 2019 to promote solar-powered irrigation and reduce the agricultural sector’s dependence on non-renewable resources.
India reached 100GW mark earlier this year, emerging as the fourth-largest market in PV installation globally. The country aims to surpass the renewable installation target of 500GW by 2030, with solar expected to account for around 300GW of this total. A recent report from energy consultancy JMK Research forecasts 28.3GW of installed solar PV in fiscal year 2026, which goes from April 2025 until March 2026.
As of June 2025, Madhya Pradesh has installed solar power capacity of 5.57GW. Recently, solar PV company GP Eco Solutions India signed a memorandum of understanding (MoU) to secure funds for a 5GW/2GW solar cell and module manufacturing facility in the state of Madhya Pradesh.
