Gurgaon, May 30, 2025 : Saatvik Green Energy Limited
(“SGEL”), one of India’s fastest growing module manufacturing companies in
India, marks a significant milestone today as it celebrates its 10-year
anniversary. Founded on May 29, 2015, SGEL has established itself as one
of the key players in India’s solar energy market.
SGEL was incorporated as a private limited company under the provisions
of the Companies Act, 2013, under the name ‘Saatvik Green Energy Private
Limited’, pursuant to a certificate of incorporation dated May 29, 2015. SGEL
was subsequently converted from a private company to a public company, pursuant
to resolutions passed by its Board on September 20, 2024 and by its
Shareholders dated September 21, 2024, consequent to which its name was changed
to “Saatvik Green Energy Limited.”
Since inception, SGEL has supplied more than 2.00 GW high-efficiency
solar PV modules domestically and internationally. The company is recognized as
one of the few companies with capabilities in module manufacturing as well as
engineering, procurement and construction (“EPC”). (Source: CRISIL Report) SGEL
is one of the leading EPC companies in India with 69.12 MW of an installed EPC
base in Fiscal 2024. (Source: CRISIL Report) SGEL also provides operations and
maintenance (“O&M”) services to customers primarily in relation to the EPC
projects undertaken by it.
Reflecting on this journey and the road ahead, Mr. Prashant Mathur,
CEO, Saatvik Green Energy Limited, said: “Our initiative to achieve
backward integration into cell manufacturing is a critical step in our
long-term growth and sustainability objectives. The company is expanding its
manufacturing capacity with plans to set up an integrated cell and module
manufacturing facility in Odisha. The new facility will have a cell line
manufacturing capacity of 4.80 GW, which is expected to be operational in
Fiscal 2027; and a module production capacity of 4.00 GW, which is expected to be
operational in Fiscal 2026. In addition, SGEL also intends to establish a
manufacturing facility for the production of ingots, cells and wafers in Mohasa
– Babai, Madhya Pradesh.”
Celebrating the 10th anniversary of SGEL, Mr. Neelesh Garg, Chairman
and Managing Director, added: “We intend to grow our customer base
in both India and internationally by leveraging our reputation for solar
modules and reliable EPC services. We aim to enter new markets and strengthen
our presence in existing ones by offering innovative, cost-effective solutions
tailored to diverse energy needs.”
Mr. Manik Garg, Managing Director, shared: “We intend to
expand our distribution network across India to make our solar solutions more
accessible to customers nationwide. We have already established regional
warehouses across major Indian states such as Rajasthan, Maharashtra, Kerala
and Madhya Pradesh. These warehouses serve as central points for solar module
storage and distribution to ensure timely delivery to installers and end customers.
We intend to collaborate with local distributors in various states that will
enable us to have deeper market penetration, particularly in Tier II and Tier
III cities. This will also help us to ensure that solar products are accessible
even in remote areas, accelerating the adoption of solar energy across the
country.”
SGEL commenced its manufacturing operations in 2016 and has over the
years expanded its annual installed capacity, from 125 MW as of March 31, 2017
to about 3.80 GW as of February 28, 2025. Its revenue from operations has grown
from ₹4,799.50 million in Fiscal 2022 to ₹10,879.65 million in Fiscal 2024 at a
CAGR of 50.56%. Its EBITDA in Fiscal 2022 was ₹147.66 million and has grown to
₹1,568.44 million in Fiscal 2024 at a CAGR of 220.00%.
SGEL currently operates three module manufacturing facilities in
Ambala, Haryana (together, the “Ambala Facilities”) spread across a total land
area of 724,225 square feet, which together form one of the largest single
location module manufacturing facilities in India. (Source: CRISIL Report) SGEL
is in the process of adding a capacity of 1.00 GW in one of its module
manufacturing facilities in Ambala, which is expected to be operational in the
first quarter of Fiscal 2026, thereby increasing its installed capacity at its
Ambala facilities to a cumulative 4.80 GW.
About Saatvik Green Energy Limited
Headquartered in Gurugram, SGEL is one of India’s leading module
manufacturers, in terms of operational solar PV module manufacturing capacity,
with an operational capacity of approximately 3.80 GW modules as of February
28, 2025. The SGEL offers Mono PERC and N-TopCon modules,EPC services, and
O&M capabilities.
Disclaimer:
SAATVIK GREEN ENERGY LIMITED is proposing, subject to applicable
statutory and regulatory requirements, receipt of requisite approvals, market
conditions and other considerations, an initial public offering of its Equity
Shares and has filed the DRHP with SEBI and Stock Exchanges on March 13, 2025.
The DRHP is available on the websites of SEBI, BSE and NSE at www.sebi.gov.in,
www.bseindia.com and www.nseindia.com, respectively, and on the websites of the
Book Running Lead Managers i.e. DAM Capital Advisors Limited at
www.damcapital.in, Ambit Private Limited at www.ambit.co and Motilal Oswal
Investment Advisors Limited at www.motilaloswalgroup.com, respectively and also
at the website of the Company at https://saatvikgroup.com/Potential investors
should note that investment in equity shares involves a high degree of risk and
for details relating to such risk, see “Risk Factors” on page 54 of the DRHP.
Potential investors should not rely on the DRHP for making any investment
decisions.
The Equity Shares offered in the Offer have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities
Act”), or any state securities laws in the United States, and unless so
registered may not be offered or sold within the United States, except pursuant
to an exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act and applicable state securities laws.
Accordingly, such Equity Shares are being offered and sold (i) outside of the
United States in offshore transactions in reliance on Regulation S under the
U.S. Securities Act and the applicable laws of the jurisdiction where those
offers and sales occur; and (ii) within the United States to “qualified
institutional buyers” (as defined in Rule 144A under the U.S. Securities Act),
pursuant to the private placement exemption set out in Section 4(a) of the U.S.
Securities Act.