Saatvik Green Energy Signs MoU for 3.6 GW Solar Cell Facility in Odisha; Phase-I Plant Nears Commissioning
Saatvik Green Energy Limited has announced a major expansion of its solar manufacturing ambitions in Odisha, with its material subsidiary, Saatvik Solar Industries Private Limited, signing a Memorandum of Understanding (MoU) with the Government of Odisha for setting up a 3.6 GW solar cell manufacturing facility at Gopalpur in Ganjam district.
The announcement was made on August 17, 2026, through a regulatory filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
Saatvik Solar Plans 3.6 GW Phase-II Cell Facility
Under the MoU signed with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Saatvik Solar plans to establish a 3.6 GW solar cell manufacturing facility at Gopalpur.
The proposed Phase-II expansion is expected to strengthen Saatvik Solar’s manufacturing capabilities and support the development of Odisha’s renewable energy manufacturing ecosystem.
The company also expects the project to generate employment and support the broader industrial ecosystem in the region.
Phase-I Manufacturing Facility Nears Commissioning
The proposed 3.6 GW Phase-II facility will build on Saatvik Solar’s ongoing manufacturing development at Gopalpur.
The company’s Phase-I integrated manufacturing facility includes:
- 2.4 GW solar cell manufacturing capacity
- 4 GW solar module manufacturing capacity
- Dedicated power infrastructure, including a 220 kV substation
According to the company, major construction and infrastructure work for Phase-I has been completed. Equipment installation, testing, validation and process-readiness activities are progressing across the facility.
The dedicated 220 kV substation is also ready for charging, while the manufacturing lines are moving through their final stages before commercial operations.
Cell Manufacturing Ramp-Up Expected Shortly
Saatvik Solar said its cell manufacturing line is on track for ramp-up shortly, marking an important milestone towards operational readiness.
The company has also indicated that ALMM-II inspection is planned for September 2026, which would take the facility closer to full-scale commercialisation.
The commissioning of the Phase-I facility would give Saatvik Solar additional domestic manufacturing capacity across both solar cells and modules.
Phase-II Commercial Production Targeted for FY28
Following the progress made on Phase-I, Saatvik Solar is now advancing plans for the additional 3.6 GW Phase-II solar cell capacity.
The company has indicated that Phase-II is targeted for commercial production by FY28.
The expansion is intended to help Saatvik Solar meet growing demand for domestically manufactured solar products while increasing its presence across the solar value chain.
Management Commentary
Commenting on the development, Prashant Mathur, CEO of Saatvik Green Energy Limited, said Odisha represents more than a manufacturing milestone for the company and reflects its ambition to build large-scale, technologically advanced and globally competitive solar manufacturing capabilities.
He highlighted the progress of the company’s 2.4 GW cell and 4 GW module manufacturing lines and said the Phase-II expansion would further strengthen Saatvik’s integrated manufacturing footprint.
The company also sees the investment as part of India’s broader transition towards energy security, self-reliance and renewable energy manufacturing.
What This Means for Saatvik Green Energy
The Odisha expansion could be strategically important for Saatvik Green Energy as the company seeks to increase its manufacturing scale.
With Phase-I comprising 2.4 GW of cell and 4 GW of module capacity and Phase-II adding another 3.6 GW of cell capacity, the Gopalpur project is expected to become a significant part of Saatvik’s manufacturing strategy.
The development could also improve the company’s vertical integration and strengthen supply-chain resilience as India’s solar industry increasingly focuses on domestic manufacturing.
Saatvik Green Energy’s Manufacturing Capacity
Saatvik Green Energy currently operates a 4.8 GW solar module manufacturing facility in Ambala, Haryana.
The company is also developing a greenfield integrated manufacturing facility in Odisha comprising:
- 4 GW module manufacturing capacity
- 6 GW solar cell manufacturing capacity
The Gopalpur development therefore represents a significant expansion of the company’s long-term manufacturing footprint.
Stock Market Impact: Key Points for Investors
For investors tracking Saatvik Green Energy, the announcement is relevant because it provides visibility into the company’s planned expansion of domestic solar manufacturing capacity.
Key factors to monitor include:
- Progress towards commissioning of the Phase-I Gopalpur facility
- Ramp-up of the 2.4 GW cell manufacturing line
- ALMM-II inspection planned for September 2026
- Progress on the proposed 3.6 GW Phase-II expansion
- Capital expenditure and project execution
- Commercial production timeline targeted for FY28
- Demand for domestically manufactured solar modules and cells
- India’s renewable energy and domestic manufacturing policies
However, the MoU represents a planned expansion, and investors should distinguish between the proposed capacity and operational capacity. Actual financial impact will depend on project execution, commissioning, utilisation levels, costs and market demand.
About Saatvik Green Energy
Saatvik Green Energy Limited is a solar photovoltaic module manufacturer with operations across utility-scale, commercial and industrial, EPC and distributed solar segments.
The company operates a 4.8 GW module manufacturing facility in Ambala, Haryana, while developing its integrated manufacturing facility in Odisha.
The company focuses on expanding solar manufacturing capacity with an emphasis on technology, quality, execution and supply-chain integration.
Saatvik Green Energy’s latest Odisha announcement marks another step in its strategy to build a large integrated solar manufacturing ecosystem in India.
The immediate focus will be on commissioning the Phase-I 2.4 GW cell and 4 GW module facility, while the proposed 3.6 GW Phase-II cell expansion, targeted for commercial production by FY28, could further increase the company’s manufacturing scale.
For the stock market, investors may closely watch the September ALMM-II inspection, Phase-I commissioning, and subsequent execution of the Phase-II expansion.