Saatvik Solar IPO & PE Funding: Plans for Growth
Sep 26, 2024 17:42
Saatvik Solar aims to raise funds through private equity and IPO to expand operations and reach Rs 2,000 crore revenue in FY2024. The company is also investing in solar cell manufacturing and clean energy solutions.
New Delhi, Sep 26 (PTI) Solar module maker Saatvik Solar on Thursday announced plans to raise money from private equity players to expand its operations as well as launch an initial public offer.
Addressing a press conference, Group Chief Financial Officer Abani Kant Jha said that the company is eyeing almost 100 per cent growth in its revenue to Rs 2,000 crore in the current fiscal year.
He also revealed that the company is looking for private equity investment and considering bringing an initial public offer to raise money for expanding the company's operation.
Presently, the company has a 3.8GW solar module manufacturing capacity, with additional 2GW under construction.
By FY2026, it aims to achieve 2GW in cell manufacturing and 6GW in module production capacity.
Saatvik Solar said that it has secured major orders totaling 513 MW, valued at Rs 650 crore.
Saatvik Solar is actively pursuing several key infrastructure tech innovations to stay ahead in the renewable energy sector.
The company is developing high-efficiency solar PV modules, including half-cut modules and premium modules with advanced features like 0 buzz bar' and 24 buzz bar' technology.
The company is also exploring opportunities in electrolyser battery manufacturing and storage solutions to broaden its clean energy offerings.
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