Saatvik Green Energy to Invest ₹3,150 Crore in Odisha for Major Solar Manufacturing Hub
Project to add 4 GW solar module and 4.8 GW cell capacity, boosting India’s renewable energy manufacturing base
Bhubaneswar : Saatvik Green Energy Limited (SGEL) has announced plans to invest ₹3,150 crore in a large-scale greenfield project in Odisha, aimed at establishing a state-of-the-art solar manufacturing facility. The project will be developed in phases and will include a 4-gigawatt (GW) solar PV module capacity and a 4.8-GW solar cell capacity, strengthening India’s push toward renewable energy self-reliance.
SGEL, a leading manufacturer of high-efficiency photovoltaic (PV) modules and provider of EPC services for utility-scale, commercial, and industrial solar projects, currently operates around 3.8 GW of module capacity. The company is also adding another 1 GW of capacity at its Ambala plant in Haryana, expected to be operational soon.
Odisha to Host New Solar Manufacturing Powerhouse
Prashant Mathur, CEO of SGEL, said that the Odisha project is a key step in expanding the company’s manufacturing footprint and maintaining its strong market position. “The new greenfield facility in Odisha will play a crucial role in enhancing our capacity and enabling us to meet rising domestic and global demand for solar components,” Mathur said.
The project will be implemented in two phases. In the first phase, SGEL will establish a 4 GW module line and a 2.4 GW cell manufacturing line, with an estimated investment of ₹550 crore for the module segment and ₹1,300 crore for the cell segment. The second phase will add another 2.4 GW of cell capacity, supported by an additional ₹1,300 crore investment, bringing the total capital expenditure to ₹3,150 crore.
Strengthening India’s Renewable Manufacturing Ecosystem
Mathur emphasized that the Odisha project reflects Saatvik’s long-term strategy to become a fully integrated renewable energy company. The company aims to strengthen its value chain from upstream wafer inputs to downstream module assembly and inverter integration. “Our focus is on manufacturing within India to support the government’s Atmanirbhar Bharat vision and to reduce dependency on imports,” Mathur added.
The new plant in Odisha is expected to create substantial employment opportunities, support ancillary industries, and contribute to the state’s emerging reputation as a green energy hub. The project aligns with India’s broader renewable energy targets, which include expanding domestic manufacturing to meet the country’s solar installation goals under the National Solar Mission.
Strong Financial Performance and Market Responsey
Supporting its expansion strategy, Saatvik reported solid financial performance in the first quarter of FY26. The company achieved a module production of 685 megawatts (MW) at 81.47 percent capacity utilization and maintained a healthy order book of 4.05 GW. The strong performance has provided momentum for the company’s upcoming investments.
Saatvik Green Energy recently made a successful debut on the stock exchanges following its initial public offering (IPO). The IPO, which closed on September 23, 2025, was oversubscribed 6.5 times overall, according to JMK Research. Institutional investors subscribed 1.9 times, non-institutional investors 4 times, and retail investors nearly 47 times. The issue aimed to raise ₹900 crore to support the company’s growth and manufacturing expansion plans.
SGEL shares hit the upper circuit on Thursday following a sharp rise in consolidated net profit, which climbed to ₹118.82 crore in the June 2025 quarter, driven by higher revenues and growing demand for renewable energy solutions.
Odisha Emerging as a Clean Energy Investment Destination
With this investment, Odisha continues to attract large-scale renewable and industrial projects, strengthening its role as a key destination for green energy manufacturing in India. Saatvik’s upcoming solar facility is expected to complement the state’s broader industrial development plans while advancing India’s transition toward a sustainable energy future.
