Avaada Group, a major player in the renewable energy sector, is preparing to launch an Initial Public Offering (IPO) for its solar module manufacturing unit.
The company aims to raise ₹4,000 to ₹5,000 crore. According to sources, Avaada has approached several investment banks and legal firms to manage the IPO process.
The group was founded by Vineet Mittal, a former co-founder of Welspun Energy. Global investment firm Brookfield has also invested in Avaada Group.
Sources said that most of the funds raised from the IPO will be used for the group’s capital expenditure plans.
A major part of this will go towards setting up a 5-gigawatt integrated solar module and cell manufacturing facility in Uttar Pradesh.
However, as the plan is still in the early stages, there is a possibility that it could change.
Several other solar panel companies have also raised funds through IPOs in 2024 or filed draft papers for the same.
Avaada Group’s Reach in Clean Energy
Avaada Group is involved in various areas of the clean energy sector, including solar module production, renewable power generation, and the production of green hydrogen and ammonia.
In March, the company inaugurated a 1.5 GW solar module gigafactory in Dadri, Uttar Pradesh.
It also began work on a 5 GW integrated manufacturing facility in Greater Noida. At present, the company produces around 5,800 solar modules per day.
In April, Avaada signed an agreement with the Maharashtra government to build 3,650 MW of pumped hydro storage capacity.
This will be done through two projects: Pavana Phalyan (2,400 MW) and Sirsala (1,200 MW), involving a total investment of ₹15,100 crore.
Additionally, the company signed an MoU with the Madhya Pradesh government to invest ₹50,000 crore.
This investment will be used for developing 6,000 MW of solar energy, 700 MW of wind energy, 2,100 MW of battery storage systems, and 2,000 MW of pumped storage capacity.
