Brookfield-Backed Avaada Electro Confidentially Files DRHP with SEBI for ₹10,000 Crore IPO

Avaada Electro, the solar module and cell manufacturing division of Avaada Group, has filed confidential draft papers for a ₹10,000 crore initial public offering (IPO) with a focus on solar energy manufacturing expansion. The company, supported by Thailand’s PTT Group and Brookfield, aims to deepen its foothold in the green energy value chain.

₹10,000 Crore IPO to Fund Aggressive Expansion

Avaada Electro is planning a substantial ₹10,000 crore IPO via the confidential filing route, an option made available by SEBI from November 2022 to give flexibility to growth companies. The IPO proceeds will be directed towards capacity expansion, technological integration and diversification within solar manufacturing sectors such as wafers and ingots.

Existing Capacity and Planned Growth

Currently, Avaada Electro operates 8.5 GW of module manufacturing capacity. By FY27, an additional 5.1 GW is expected to become operational. Of this, 6 GW will be live by January 2027, with another 6 GW anticipated in the subsequent fiscal year. These upgrades signal massive scaling operations, aligning with the national goal of energy independence through non-fossil fuels.

Full Solar Value Chain Expansion

The company is also planning to enter the wafer and ingot sector by FY28. This would place Avaada Electro in control of the full solar manufacturing value chain, from sand to module, making it a vertically integrated solar component giant. India currently has 1,00,000 MW (100 GW) of modules and 25,000 MW (25 GW) of cell manufacturing capacity.

Read More: NTPC Green Energy Adds 37.95 MW Capacity at Khavda Solar Project!

Recent Fundraising and Government Collaboration

In 2023, Avaada secured $1.3 billion from Brookfield and Thailand’s GPSC, part of the PTT Group, making it India's largest renewable energy equity raise for that year. Earlier this month, Avaada signed a memorandum of understanding to invest ₹36,000 crore in Gujarat for solar, wind and battery energy storage projects.

Conclusion

Avaada Electro’s ₹10,000 crore IPO marks a pivotal step in its pursuit of becoming a fully integrated solar manufacturer. With growing national and global demand for green energy, this IPO supports the larger vision of energy self-sufficiency and sustainability.

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