Avaada Electro, the solar manufacturing division of the Brookfield-backed Avaada Group, has submitted preliminary documents to market regulator SEBI through a confidential route to raise ₹9,000-10,000 crore via an Initial Public Offering (IPO), according to sources familiar with the matter. With this move, the company anticipates its valuation to reach between ₹1.10 lakh crore and ₹1.3 lakh crore.
The IPO is expected to consist of both a fresh issue and an offer-for-sale (OFS) component from existing shareholders. The funds raised are intended for capacity expansion in high-efficiency solar cell and module production, including the establishment of a 5.1 GW integrated facility in Uttar Pradesh and scaling up operations at its Butibori plant in Maharashtra.
Avaada Electro operates within the Avaada Group, which is a diversified clean-energy conglomerate involved in solar PV manufacturing, renewable power generation, green hydrogen and derivatives, pumped hydro storage, battery storage, and green data centers. The group has secured over $1.3 billion in 2023 to facilitate expansion efforts across its solar, hydrogen, battery storage, and green ammonia sectors.
The Butibori Super Factory, located near Nagpur, is a pivotal component of Avaada Electro’s growth strategy. This facility is included on the Ministry of New and Renewable Energy’s (MNRE) Approved List of Models and Manufacturers (ALMM) and produces bifacial glass-to-glass TopCon G12 modules with power outputs of up to 720 Wp, as well as G12R modules with outputs of up to 630 Wp—some of the most efficient solar modules currently available in India.
The Nagpur plant, currently operating at 7 GW module capacity, is projected to augment its solar cell manufacturing capacity by 6 GW by FY26, thereby laying the foundation for a more integrated domestic production ecosystem. Overall, Avaada Electro aims to expand its total solar module capacity from 8.5 GW to 13.6 GW and its cell capacity from 8.5 GW to 12 GW over the next two financial years.
The company’s operational capacity has increased significantly, from 1.5 GW in September 2024 to 8.5 GW by September 2025, following the commissioning of the Nagpur plant and the commencement of commercial production at the Dadri facility. Furthermore, Avaada Electro is developing a fully integrated solar manufacturing hub at Nagpur, with goals of achieving 6 GW of TOPCon solar cell capacity by FY26 and 12 GW by FY27, including an additional 3 GW of ingot and wafer capacity by FY27 to complete the value chain from raw materials to final modules.
Industry forecasts indicate that annual solar PV demand in India could more than double between FY26 and FY30, surpassing 40 GW annually, while domestic capacity for high-efficiency TOPCon cells is expected to remain relatively limited.
Published on October 20, 2025.
