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What is the story about?
In a move that underscores India’s accelerating clean-energy manufacturing ambition, Avaada Electro Private Limited, 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) for a proposed ₹9,000-₹10,000 crore initial public offering (IPO), according to sources.
The IPO is expected to comprise a mix of fresh issue and offer-for-sale (OFS) components by existing shareholders. Proceeds are likely to be utilised toward capacity expansion in high-efficiency solar cell and module manufacturing, including the development of a 5.1 GW integrated facility in Uttar Pradesh and capacity scale-up at its Butibori plant in Maharashtra, sources added.
Avaada Electro is one of the largest solar PV module manufacturers in India by operational capacity as of September 30, 2025. The company is ALMM-enlisted and has a strong foothold in the high-efficiency module market. Avaada Electro is part of the Avaada Group, a diversified clean-energy conglomerate spanning Solar PV manufacturing, Renewable Power generation, green hydrogen and derivatives, Pumped Hydro Storage, Battery Storage, and Green Data Centres.
The group, backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group) raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery-storage, and green-ammonia verticals.
At the centre of Avaada Electro’s growth plans lies its state-of-the-art Butibori Super Factory near Nagpur, which has been included in the Approved List of Models and Manufacturers (ALMM) notified by the Ministry of New and Renewable Energy (MNRE). The plant manufactures Bifacial Glass-to-Glass TopCon G12 modules (up to 720 Wp) and G12R modules (up to 630 Wp), which is among the highest-efficiency solar modules commercially available in India.
Equipped with AI-enabled production lines, a smart energy-management system, and operating at a Takt time of just 16 seconds, the Butibori facility is operating at 7 GW capacity and will have a 6 GW solar-cell manufacturing capacity by Fiscal 2026, enabling fully integrated domestic production. Sources indicated that the plant could position India at the forefront of the Global Map.
Avaada Electro currently operates 8.5 GW of solar-module capacity across its Uttar Pradesh and Maharashtra facilities and plans to ramp this up to 13.6 GW of module capacity and 12 GW of cell capacity over the next two Fiscal years. It has global certifications- Bureau of Indian Standards (BIS), IEC, UL, and ISO. The company has N-type TOPCon technology modules with efficiency aligning with global benchmarks.
Also Read: Can Eternal's profitability catch up with its habit lead?
Commercial production at the Dadri facility commenced in September 2024, following which total operational capacity rose sharply from 1.5 GW in September 2024 to 8.5 GW by September 2025 after the commissioning of the Nagpur plant, representing a 5.7-fold increase in just 12 months.
Avaada Electro is developing a fully integrated solar-manufacturing Super Factory at Nagpur to achieve 6 GW of operational TOPCon solar-cell capacity by Fiscal 2026, expanding to 12 GW by Fiscal 2027. The company is also creating infrastructure to produce 3 GW of ingot and wafer capacity by Fiscal 2027, completing the value-chain integration from raw materials to modules.
Once solar-cell production at the Nagpur plant becomes operational, Avaada Electro’s domestic manufacturing capabilities are expected to qualify under List II of the ALMM, further expanding market opportunities. The MNRE’s proposal to include solar wafers under ALMM from June 2028 is also seen as a catalyst for India’s complete solar-value-chain localisation.
The company’s advanced technology adoption differentiates it within India’s solar landscape. It is among the few domestic manufacturers to have implemented TOPCon technology across all existing and upcoming capacities.
The company is expected to benefit from India’s push for domestic demand in solar procurement, particularly within the DCR market, which mandates the use of locally produced cells and modules in government-backed projects. Industry data suggests that annual solar PV demand in India is projected to more than double between FY 2026 and FY 2030, exceeding 40 GW per year, while high-efficiency TOPCon cell capacity remains limited domestically.
Industry observers noted that evolving Chinese regulations such as anti-involution measures and stricter power-consumption standards are likely to phase out lower-quality overcapacity and narrow the pricing gap between Indian and Chinese producers, enhancing India’s cost-competitiveness and export potential.
Analysts tracking the sector said Avaada Electro’s confidential filing comes at a time when India’s renewable-manufacturing ecosystem is rapidly scaling, driven by the government’s PLI scheme, DCR mandate, and the national goal of installing 500 GW of renewable capacity by 2030.
Also Read: Diwali Stock Picks: Mitessh Thakkar expects these stocks to surge up to 30%
The IPO is expected to comprise a mix of fresh issue and offer-for-sale (OFS) components by existing shareholders. Proceeds are likely to be utilised toward capacity expansion in high-efficiency solar cell and module manufacturing, including the development of a 5.1 GW integrated facility in Uttar Pradesh and capacity scale-up at its Butibori plant in Maharashtra, sources added.
Avaada Electro is one of the largest solar PV module manufacturers in India by operational capacity as of September 30, 2025. The company is ALMM-enlisted and has a strong foothold in the high-efficiency module market. Avaada Electro is part of the Avaada Group, a diversified clean-energy conglomerate spanning Solar PV manufacturing, Renewable Power generation, green hydrogen and derivatives, Pumped Hydro Storage, Battery Storage, and Green Data Centres.
The group, backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group) raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery-storage, and green-ammonia verticals.
At the centre of Avaada Electro’s growth plans lies its state-of-the-art Butibori Super Factory near Nagpur, which has been included in the Approved List of Models and Manufacturers (ALMM) notified by the Ministry of New and Renewable Energy (MNRE). The plant manufactures Bifacial Glass-to-Glass TopCon G12 modules (up to 720 Wp) and G12R modules (up to 630 Wp), which is among the highest-efficiency solar modules commercially available in India.
Equipped with AI-enabled production lines, a smart energy-management system, and operating at a Takt time of just 16 seconds, the Butibori facility is operating at 7 GW capacity and will have a 6 GW solar-cell manufacturing capacity by Fiscal 2026, enabling fully integrated domestic production. Sources indicated that the plant could position India at the forefront of the Global Map.
Avaada Electro currently operates 8.5 GW of solar-module capacity across its Uttar Pradesh and Maharashtra facilities and plans to ramp this up to 13.6 GW of module capacity and 12 GW of cell capacity over the next two Fiscal years. It has global certifications- Bureau of Indian Standards (BIS), IEC, UL, and ISO. The company has N-type TOPCon technology modules with efficiency aligning with global benchmarks.
Also Read: Can Eternal's profitability catch up with its habit lead?
Commercial production at the Dadri facility commenced in September 2024, following which total operational capacity rose sharply from 1.5 GW in September 2024 to 8.5 GW by September 2025 after the commissioning of the Nagpur plant, representing a 5.7-fold increase in just 12 months.
Avaada Electro is developing a fully integrated solar-manufacturing Super Factory at Nagpur to achieve 6 GW of operational TOPCon solar-cell capacity by Fiscal 2026, expanding to 12 GW by Fiscal 2027. The company is also creating infrastructure to produce 3 GW of ingot and wafer capacity by Fiscal 2027, completing the value-chain integration from raw materials to modules.
Once solar-cell production at the Nagpur plant becomes operational, Avaada Electro’s domestic manufacturing capabilities are expected to qualify under List II of the ALMM, further expanding market opportunities. The MNRE’s proposal to include solar wafers under ALMM from June 2028 is also seen as a catalyst for India’s complete solar-value-chain localisation.
The company’s advanced technology adoption differentiates it within India’s solar landscape. It is among the few domestic manufacturers to have implemented TOPCon technology across all existing and upcoming capacities.
The company is expected to benefit from India’s push for domestic demand in solar procurement, particularly within the DCR market, which mandates the use of locally produced cells and modules in government-backed projects. Industry data suggests that annual solar PV demand in India is projected to more than double between FY 2026 and FY 2030, exceeding 40 GW per year, while high-efficiency TOPCon cell capacity remains limited domestically.
Industry observers noted that evolving Chinese regulations such as anti-involution measures and stricter power-consumption standards are likely to phase out lower-quality overcapacity and narrow the pricing gap between Indian and Chinese producers, enhancing India’s cost-competitiveness and export potential.
Analysts tracking the sector said Avaada Electro’s confidential filing comes at a time when India’s renewable-manufacturing ecosystem is rapidly scaling, driven by the government’s PLI scheme, DCR mandate, and the national goal of installing 500 GW of renewable capacity by 2030.
Also Read: Diwali Stock Picks: Mitessh Thakkar expects these stocks to surge up to 30%
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