Avaada Electro Private Ltd, the solar manufacturing arm of the Brookfield-backed Avaada Group, has confidentially submitted a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), aiming to raise between ₹9,000 crore and ₹10,000 crore through an initial public offering (IPO).
This step marks a significant move for Avaada Electro as it looks to raise capital from public markets to expand operations and strengthen its presence in India’s renewable energy sector.
The IPO is expected to include both a fresh issue of shares and an offer-for-sale component from existing shareholders.
Proceeds from the fresh issue are planned for capacity expansion in solar cell and module manufacturing, including the development of a 5.1 GW integrated facility in Uttar Pradesh and a capacity scale-up at the Butibori plant in Maharashtra.
Avaada Electro is among the largest solar photovoltaic (PV) module manufacturers in India by operational capacity as of September 30, 2025.
It is part of the Avaada Group, a diversified clean-energy conglomerate with operations 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 Global Power Synergy Public Co, raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery storage, and green ammonia verticals.
The company currently operates 8.5 GW of solar module capacity across its Uttar Pradesh and Maharashtra facilities and plans to scale up to 13.6 GW of module capacity and 12 GW of cell capacity over the next two fiscal years.
Its operational capacity has grown rapidly from 1.5 GW in September 2024 to 8.5 GW by September 2025, following the commissioning of its Nagpur plant and the start of commercial production at the Dadri facility.
Avaada Electro is also developing a fully integrated solar manufacturing hub at Nagpur, with plans to achieve 6 GW of TOPCon solar-cell capacity by FY26 and 12 GW by FY27.
The company intends to add 3 GW of ingot and wafer capacity by FY27, completing the value chain from raw materials to finished modules.
Industry projections suggest that annual solar PV demand in India could more than double between FY26 and FY30, surpassing 40 GW per year, while domestic capacity for high-efficiency TOPCon cells remains relatively limited.
Analysts view Avaada Electro’s IPO as a strategic move to capture the country’s expanding renewable energy market and meet growing domestic and international demand for solar modules.
The IPO filing highlights increased foreign and institutional investment interest in India’s clean energy sector, reflecting confidence in the country’s renewable energy growth potential.
If successfully executed, the IPO will provide Avaada Electro with the resources to scale operations, enhance manufacturing efficiency, and solidify its position as a leading player in India’s solar energy landscape.
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