Date: August 17, 2026

Press Release Summary

MoU with Odisha Government

  • Saatvik Solar Industries Private Limited (material subsidiary) signed Memorandum of Understanding with Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Government of Odisha
  • MoU is for setting up a 3.6 GW Solar Cell Manufacturing Facility at Gopalpur in Ganjam district, Odisha
  • Proposed facility expected to create employment opportunities and support development of wider industrial ecosystem in the region
  • Project contributes to development of Odisha's renewable energy manufacturing ecosystem

Manufacturing Facility Details

  • Phase I integrated manufacturing facility at Gopalpur comprises 2.4 GW of cell and 4 GW of module manufacturing capacity
  • Phase II expansion planned for 3.6 GW cell capacity
  • Phase I has achieved key construction and installation milestones, advancing towards commissioning
  • Tool installation progressing well with ramp-up set to commence shortly
  • Dedicated 220 kV substation ready for charging
  • Manufacturing lines progressing through final stages of installation, testing, validation and process readiness
  • Cell line on track for ramp-up shortly
  • ALMM-II inspection planned for September

Strategic Commentary

  • Phase II targeted for commercial production by FY28
  • Development reinforces company's long-term focus on expanding domestic manufacturing capabilities
  • Aim to build integrated and resilient solar value chain in India
  • Company currently operates 4.8 GW module manufacturing facility in Ambala, Haryana
  • Developing Greenfield integrated manufacturing facility in Odisha with 4 GW module capacity and 6 GW solar cell capacity

Management Statement

Mr. Prashant Mathur, CEO, Saatvik Green Energy Limited commented: "Odisha is more than a manufacturing milestone for Saatvik; it is a statement of our ambition. As our 2.4 GW cell and 4 GW module manufacturing lines move towards production, we are taking a decisive step towards building scale, strengthening integration and creating the foundation for our next phase of robust growth. India's clean energy opportunity is enormous, and we intend to play a defining role in it."