Avaada Electro plans $1B IPO to fund solar push
Avaada Electro is gearing up to raise $1 billion (about ₹4,000-5,000 crore) through an IPO, with backing from existing global investors like Brookfield and Thailand's Global Power Synergy.
The money will help build a massive 5 GW solar module and cell plant in Uttar Pradesh.
Who is Avaada Electro?
Avaada Electro is a major player in India's solar scene, making solar modules and pushing for more local manufacturing.
Their "sand-to-molecule" strategy means they want to handle everything in-house—from raw materials like wafers and polysilicon to finished panels—cutting down on imports.
Their facilities in Nagpur and UP are ALMM-approved, so they can take part in government-backed projects.
The bigger picture
This IPO isn't just about business—it helps India get closer to its big goal: 500 GW of renewable energy by 2030.
Avaada's also started selling rooftop solar panels for homes, boosted by government schemes like PM-Suryaghar Yojana.
With strong credit ratings and long-term deals in place, they're set up for steady growth and are going head-to-head with giants like Adani and Reliance.