Emmvee Photovoltaic to Invest ₹5,500 Crore in Solar Manufacturing Expansion Ahead of IPO

Indian solar panel manufacturer Emmvee Photovoltaic Power Ltd plans to invest around ₹5,500 crore ($625.75 million) to expand its production capacity, capitalizing on the country’s surging renewable energy demand. The company currently has a 7.8 GW solar module capacity and aims to add 2.5 GW by the end of this year, with plans to reach 16.3 GW by the first half of 2028. Its cell manufacturing capacity is also set to rise from 2.94 GW to 8.94 GW over the same period.

The expansion will be funded through a mix of 60% debt and 40% equity, supported by a ₹3,300 crore loan from the Indian Renewable Energy Development Agency (IREDA). Emmvee’s ₹2,900 crore initial public offering (IPO) opens on November 11, with proceeds primarily earmarked to repay ₹1,621 crore of long-term debt. CEO Suhas Donthi said the company’s focus remains on meeting India’s domestic demand, while export opportunities will be explored based on global market conditions.

Emmvee’s move aligns with India’s broader renewable push, as the country targets 500 GW of non-fossil fuel capacity by 2030. Despite challenges from potential U.S. tariffs of up to 50% on solar panel imports from India, Donthi expressed confidence in the company’s strong position. “The market is highly fragmented, but developers prefer reliable, high-quality suppliers — and that gives Emmvee a clear competitive edge,” he said.

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