Saatvik Green Energy to Invest ₹7,000 Crore in Solar Cell, Ingot-Wafer and Battery Storage Expansion Through FY28
Saatvik Green Energy Limited will invest around ₹1,700 crore in FY27 to expand solar cell manufacturing and ₹1,800-2,000 crore in FY28 for a new ingot manufacturing project, while continuing work on its integrated Odisha facility.
Its ₹3,150 crore greenfield project in Ganjam, Odisha, will establish 4 GW of solar module and up to 4.8 GW of solar cell capacity, with the first 2.4 GW cell line expected in H2 FY27 and the balance by mid-2027. The company has also increased its target to 6 GW each of solar cells and ingot-wafer manufacturing for full backward integration.
Saatvik is diversifying into battery energy storage, targeting 20 GW capacity over five years through Saatvik Power Storage Solutions, while expanding its encapsulant plant from 2 GW to 5 GW and entering transformer manufacturing through the acquisition of Melcon Transformers and Electricals.
Following the Odisha project, the company plans a ₹8,000-10,000 crore integrated ingot-to-module manufacturing project in Madhya Pradesh. In FY26, Saatvik reported ₹4,548 crore revenue and an order book of 5.89 GW.