Saatvik Green Energy has secured a Rs 1,041.63 crore order from the Solar Energy Corporation of India (SECI). The company disclosed the development in a filing to the BSE and the NSE on Tuesday, as required under listing regulations.
Rs 1,041 crore SECI order
The order covers the manufacturing, testing, packing, supply and transportation of solar PV modules. These modules will be made using domestic solar cells, in line with the tender’s requirements. Saatvik has been awarded a 600 MWp capacity package under the deal. The company is required to execute the order by December 2027, as per the filing.
SECI floated the tender for domestically manufactured solar PV modules. Saatvik was selected as one of the bidders. The company said the win reflects the confidence of a government-backed institution in its manufacturing and execution track record. It also pointed to the order as validation of its compliance with the Approved List of Models and Manufacturers, or ALMM, norms.
CEO on domestic solar manufacturing
“The 600 MWp order from SECI, under a tender requiring domestically manufactured solar cells, is significant not only for its scale but for what it represents for India’s renewable energy ecosystem. It reflects the growing momentum behind domestic manufacturing and the shift towards a more integrated and self-reliant solar value chain, an evolution that Saatvik has been strategically building for. Prashant Mathur, chief executive officer of Saatvik Green Energy, said.
Mathur pointed to the company’s existing facilities to make his case. Saatvik runs a 4.86 GW module manufacturing plant in Ambala. It is also expanding into Odisha, where it plans 2.4 GW of cell capacity and 4 GW of module capacity in the first phase. A further 3.6 GW of cell capacity is proposed for a second phase. Mathur said the Odisha cell facility is moving towards ALMM List-II enlistment, which would help the company meet domestic content norms at a greater scale.
About Saatvik Green Energy
Saatvik Green Energy is one of India’s solar photovoltaic module manufacturers, with operations spanning utility-scale, commercial and industrial, EPC and distributed solar segments. The company runs a 4.86 GW module manufacturing facility in Ambala, Haryana, and is developing a greenfield integrated manufacturing facility in Odisha with a planned 4 GW of module capacity and 6 GW of solar cell capacity.
Saatvik Green Energy share price today
Saatvik Green Energy’s share price has increased 5.79% intraday on September 16. The company’s share price has increased 1.97% in the past month. However, Saatvik Green Energy’s share price has declined 6.54% in the last year.