MUMBAI: Avaada Electro, the solar modules and panels manufacturer from the Brookfield-backed Avaada Group, has received Sebi approval for its initial share sale through which the company seeks to raise around Rs 10,000 crore.
Avaada Electro is one of the largest solar PV module manufacturers by operational capacity as of September 2025. The company is ALMM-enlisted and has a strong foothold in the high-efficiency module market. It has a 6.5 gw module line and a 6-gw cell line, delivering globally benchmarked solutions for utility-scale, commercial and residential projects.
The IPO is expected to comprise a mix of fresh issue and offer-for-sale by existing shareholders and proceeds will be utilised towards 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.
If completed successfully, this will be the largest IPO from the green energy segment in the country.
In April 2023, Canadian investment powerhouse Brookfield agreed to invest up to $1 billion in the Avaada Group to support its green energy initiatives. The investment was structured through a combination of initial funding and performance-linked milestones for equity in the parent company and the money would be used to expand Avaada’s solar cell/module manufacturing, green hydrogen, and renewable power generation capacity. In the same year, the company had raised another $300 million from Thailand’s PTT Group to fund expansion across solar, hydrogen, battery-storage, and green-ammonia verticals.
Brookfield said the investment would be done via the Brookfield Global Transition Fund, with $400 million disbursed in the initial tranche and the remaining $600 million tied to milestones.
The company has 8.5 gw of module capacity in operations and 5.1 gw of module to be operational by this fiscal, taking the total capacity to 13.6 gw and it has a target of reaching 30 gw of installed capacity by fiscal 2030. The company is also into green hydrogen and green ammonia, green methanol, pumped up hydro projects, green data centers and battery energy storage system.
Founded by the social entrepreneur Vineet Mittal in 2007, the Mumbai-based Avaada Group had a turnover of around Rs 4,000 crore in the last financial year.
Avaada Electro is one of the largest solar PV module manufacturers by operational capacity as of September 2025. It is part of the Avaada Group, which is 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, according to the draft papers.
At the centre of its growth plans lies the Butibori super factory near Nagpur, which has been included in the ALMM notified by the Union ministry of new and renewable energy. The plant manufactures bifacial glass-to-glass topcon G12 modules (up to 720 wp) and G12R modules (up to 630 wp) which are among the highest-efficiency solar modules commercially available in the country now.
The Butibori facility is operating at 7 gw capacity and will have a 6 gw solar-cell capacity by the end of fiscal 2026, enabling fully integrated domestic production.
Avaada Electro currently operates 8.5 gw of solar-module capacity across its UP (at Dadri near Noida) 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 fiscals.
Commercial production at the Dadri facility began 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 also developing a fully-integrated solar-manufacturing super factory in Nagpur to achieve 6 gw of operational 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.