In a major move to accelerate India’s clean energy push, Avaada Group, the renewable energy company backed by Brookfield’s Energy Transition Fund, is gearing up for an IPO of INR 4,000-5,000 crore for its solar module manufacturing business. The strategic fund raise will be used to fuel the company’s aggressive expansion in solar manufacturing and broader energy transition initiatives across the country.
Sources close to the development said that Avaada has started engaging with top investment banks and law firms to manage the public listing which is still in very early stages. Most of the IPO proceeds will be used for capex, particularly for the development of a 5 GW integrated solar module and cell manufacturing facility in Greater Noida, Uttar Pradesh.
This comes after the company had inaugurated a 1.5 GW solar module gigafactory in Dadri, Uttar Pradesh in March 2025, making Avaada a major player in India’s solar manufacturing space. The company currently manufactures around 5,800 solar modules a day.
Riding the Solar IPO Wave
Avaada IPO plan follows the trend set by other solar manufacturers that successfully tapped the Indian capital markets in 2024. Premier Energies raised INR 2,830 crore in September 2024 and Waaree Energies raised INR 4,321 crore in October 2024, both saw strong investor interest.
IPO momentum is driven by a combination of factors including India’s production-linked incentive (PLI) scheme, policy mandates for domestic sourcing in renewable projects, and global supply chain realignment in the wake of US-China tensions. India’s 500 GW installed capacity target by 2030 is a reminder of the scale and urgency of investment in this space.
Several other players are also queuing up. Vikram Solar is eyeing INR 1,500 crore, Saatvik Green Energy aims for INR 1,150 crore, and smaller firms like Fujiyama Power Systems and PMEA Solar Tech Solutions are looking to raise INR 700 crore and INR 600 crore respectively.
Pumped Storage Ambitions in Maharashtra
In parallel to its solar manufacturing expansion, Avaada is making substantial inroads into energy storage. n 05 May 2025, the company signed a memorandum of understanding (MoU) with the Water Resources Department of the Government of Maharashtra to develop two pumped hydro storage projects: 2,400 MW Pawana Falyan and 1,200 MW Sirsala. The projects with a combined capacity of 3,650 MW will attract an investment of INR 15,100 crore.
These projects will support 24×7 renewable power availability, grid balancing and seamless integration of intermittent clean energy sources into Maharashtra’s power grid.
“Maharashtra will be the Green Energy Hub of India,” said Shri Devendra Fadnavis, Deputy Chief Minister of Maharashtra, adding that on-ground execution will be top priority.
Deepening Renewable Footprint
Avaada’s clean energy ambitions extend far beyond solar panels and pumped storage. The group has signed another major MoU with the Government of Madhya Pradesh to invest INR 50,000 crore. This will include 6,000 MW of solar, 700 MW of wind, 2,100 MW of Battery Energy Storage Systems (BESS), and 2,000 MW of additional pumped storage.
On green ammonia front, the company is working with Swiss technology provider Casale to develop 1,500 TPD green ammonia plant in Gopalpur, Odisha – a move that marks the company’s foray into hydrogen-based fuels and future-ready industrial solutions.
Backed by Global Capital
Avaada’s aggressive expansion is made possible through significant global backing. In 2023, it got USD 1.3 billion (~INR 10,956 crore) investment from Brookfield’s Energy Transition Fund and Thailand’s Global Power Synergy (GPSC), a subsidiary of the PTT Group.
With this funding, Avaada is on course to achieve its 11 GWp of renewable energy capacity by 2026 and be at the centre of India’s energy transition and manufacturing revival.
Outlook
Avaada IPO is a big moment not just for the company but for the entire Indian renewables sector. As global capital, domestic policy and environmental pressure converge, Avaada’s listing could be the test of investor confidence in India’s clean energy manufacturing. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.