Ahead of IPO Emmvee Bags ₹1,500 Crore Solar Module Order from KPI Green

IPO bound Emmvee, a solar module manufacturer based in Bengaluru, has received an order worth nearly ₹1,500 crore from KPI Green Energy Ltd. The order involves the supply of high-efficiency TopCon bifacial solar modules for an upcoming solar project in Gujarat. The modules will be delivered across FY25 and FY26.

Manufacturing and Supply

The solar modules will be produced at Emmvee’s manufacturing units located in Dabaspet and Sulibele, Karnataka. These facilities are part of the company’s existing production setup. The modules will then be deployed for the Gujarat project undertaken by KPI Green.

Emmvee and KPI Green have worked together since 2021. This order continues their collaboration on solar energy projects. KPI Green is part of the KP Group and is involved in various renewable energy initiatives across India.

Emmvee Production Capacity and Orders

Emmvee has a reported solar module manufacturing capacity of around 7.8 GWp and solar cell capacity of 2.94 GWp. As of January 2025, the company’s unexecuted order book stood at 3.9 GW, valued at approximately ₹5,898 crore. Customers include NTPC, CleanMax, and Ayana Power, among others.

Planned Public Offering

As per the Moneycontrol report, Emmvee is planning to raise ₹2,500-₹3,000 crore through an initial public offering (IPO). The funds are expected to support the company’s expansion plans, including capacity additions. The IPO timeline has not been officially confirmed.

Emmvee supplies solar products to clients across multiple regions, including Asia, Europe, Africa, and North America. The company is among several Indian manufacturers scaling operations to meet both domestic and international demand.

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Conclusion

This ₹1,500 crore order from KPI Green adds to Emmvee’s ongoing project pipeline. It also contributes to future revenue visibility as the company moves ahead with its IPO and manufacturing scale-up.

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