In a significant move signaling India’s growing dominance in renewable manufacturing, Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has filed a Confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The proposed initial public offering (IPO) aims to raise between INR 9,000 crore and INR 10,000 crore, potentially making it the largest-ever IPO by a solar photovoltaic (PV) module manufacturer in the country.
This confidential submission follows a wave of clean-energy listings and comes at a time when India is pushing aggressively toward domestic solar manufacturing under its Production-Linked Incentive (PLI) scheme and the Domestic Content Requirement (DCR) mandate.
Avaada Electro IPO Structure and Use of Proceeds
According to market reports, the proposed IPO will include a mix of fresh issue and offer-for-sale (OFS) components. Funds raised are expected to be utilized for capacity expansion in high-efficiency solar cell and module production, particularly through two major projects:
- A 5.1 GW integrated solar facility in Uttar Pradesh, and
- A capacity scale-up at the Butibori Super Factory near Nagpur, Maharashtra.
The confidential filing route allows Avaada Electro to keep sensitive business and financial details undisclosed during SEBI’s review process. Once SEBI’s observations are received, the company will have 18 months to file an updated DRHP and subsequent Red Herring Prospectus (RHP) for the public issue.
Avaada Electro: Powering India’s Green Ambitions
As of 30 September 2025, Avaada Electro stands among India’s largest solar PV module manufacturers by operational capacity. The company is listed under the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy (MNRE), underscoring its compliance with domestic quality standards.
The company currently operates 8.5 GW of solar module capacity across Uttar Pradesh and Maharashtra. It plans to expand this to 13.6 GW of module capacity and 12 GW of solar cell capacity by Fiscal 2027, establishing a fully integrated solar manufacturing ecosystem.
Its flagship Butibori Super Factory, described as one of the most advanced in the country, features:
- AI-enabled production lines,
- Smart energy management systems,
- A Takt time of just 16 seconds, and
- Capability to produce bifacial glass-to-glass TOPCon G12 modules (up to 720 Wp) and G12R modules (up to 630 Wp)—among the most efficient modules available in India.
The plant’s integration of N-Type TOPCon technology aligns its efficiency with global benchmarks and positions Avaada Electro as one of the few Indian firms to deploy this next-generation technology across all current and upcoming capacities.
Vertical Integration: Building the Complete Solar Value Chain
Beyond cells and modules, Avaada Electro is actively investing in vertical integration. By Fiscal 2027, the company aims to establish 3 GW of ingot and wafer manufacturing capacity, enabling end-to-end production from raw materials to finished modules.
Commercial production at its Dadri facility in Uttar Pradesh began in September 2024, propelling total operational capacity from 1.5 GW in September 2024 to 8.5 GW by September 2025—a staggering 5.7-fold increase within just a year.
Once its solar-cell production at Nagpur becomes operational, the company expects to qualify under List II of the ALMM, opening new market opportunities. Moreover, MNRE’s proposed inclusion of solar wafers under ALMM by June 2028 is expected to further strengthen India’s localization of the solar value chain.
Group Backing and Financial Muscle
Avaada Electro is part of the diversified Avaada Group, which operates across renewable power generation, green hydrogen, battery storage, pumped hydro, and green data centres. The group is backed by Brookfield Renewable Partners and Thailand’s Global Power Synergy Public Company (GPSC)—a subsidiary of PTT Group.
In 2023, Avaada Group raised over USD 1.3 billion (approximately INR 10,800 crore) to support its expansion across solar PV manufacturing, hydrogen, battery storage, and green ammonia verticals.
Industry insiders estimate that the IPO could value Avaada Electro between INR 1.10 lakh crore and INR 1.30 lakh crore, reflecting strong investor confidence in India’s renewable energy ecosystem.
The Broader Market Context
India’s solar manufacturing industry is entering a new growth phase. With government support through policy measures and the national target of 500 GW renewable capacity by 2030, domestic manufacturers like Avaada Electro are at the forefront of transforming India into a global solar powerhouse.
A CRISIL report projects 25–27 GW of new solar projects in Fiscal 2026, while India’s annual solar PV demand is expected to more than double by FY2030, surpassing 40 GW per year. Between FY2024 and FY2030, the country’s per capita electricity consumption is forecast to grow at a 2.5–3% CAGR.
Meanwhile, shifting dynamics in China’s solar sector—including stricter energy-use norms and anti-innovation policies—are expected to reduce low-quality overcapacity, helping narrow the cost gap between Indian and Chinese producers. Analysts believe this will boost India’s export competitiveness and support domestic pricing strength.
Avaada Electro’s IPO and India’s Renewables Future
Avaada Electro’s confidential DRHP filing reflects the maturity and ambition of India’s clean-energy sector. By leveraging advanced technologies, vertical integration, and global-quality standards, the company aims not just to capture domestic demand but also to play a leading role in solar exports and sustainability-driven growth.
If successful, this IPO will not only mark a major milestone for Avaada Electro but also reinforce India’s position as a key manufacturing hub in the global solar value chain. For more details related to IPO GMP and Live Subscription, stay tuned to IPO Central.